Hoda Uasi

Ghswdhury a Go
To
The Managing Directot
GPH Ispat Limited
Crorr.n Chambet
325, Asadgoni
Chittagorrg, Bangladesh

Audited Financial Staternents

of
GPH Ispat Limited
For the year ended 30June 2023

Nationirl Office: BTi\I.\ Ilhaban {8'i' floorj, 7-9 Iierrvalr TJnzrir Cornrncrcirl '\r'ta, D}rak:r- 1215, Balglndesh
Chittagong Office: l)ell.tr Bluban - 4ti' FlLror, 10.,1 igrnbLrt.i Cr'xrulrrcial ,\r-er, (Jlirag,lrg- 41llU, Ilenglarlesh
 Hoda Vasi Chowdhury & Co
Chartered Accountants

TNDEPENDENT AUDITORS' REPORT

To
The Shareholtlers of
GP}{ ISPAT LI]\{TTED

Opinion
We have auclited the accompanying financial staternents of CPH ISPAT LIPIITBD (the Cornpany),
rvhich comprise the Statement of Financial Position as at 30 June 2023, the Statetnent of Profit or
Loss and Other Courprehensive Income, Statemellt of Charlges in Equity and Statement ol L-ash
Florvs tbr the year then ended, together r.vith the notes numbering 01 to 46 annexed thereto.

In our opinion and to the best of our information and accorcling to explanatious given to us, the
accompanying Financial Statements, preparecl in accordance witlr Internatiotral Financial Reporfing
Standards (lFRSs). give a true and fair vierv of the financial position of the compan,v as at 30 Jr"rne
2023 ald of its tlnancial perlbmance and cash llows for the period fi'om 01 July' 2022 to 30 Jr"ure
2A21 and conply with the Cornpalries Act, 1994, tlre Securities and Exchange Rules, 1987 arrd other
applicable larvs and regulatiorrs.

Basis of opinion

We conductecl our ar.rdit in accordance u,ith International Standard on Auditing (lSAs) as adopteci by
the Institr-rte of Chartered Accountants of Bangladesh (ICAB). Our responsibitities under those
standards are turtlrer described in "Auditors responsibilities tbl the audit of the tlnancial statements"
section olour repofi.

We arc independent of the Company in accordance rvith the International Etlrics Standards Board for
Accountants Code of Ethics for Professional Accountants (IESBA Code) that are relevaut to oul aucjit
of the financial statements in Bangladesh. and lve have thltilled our other ethical responsibilities in
accorda:rce r,vith these requiremeuts ald the IESBA Code.

We believe that the audit evidence rve lrave obtained zu'e sufficient anil appropriate to provide a basis
for our audit opinion.

Key AuditMatters

Key audit tnatters are those matters that. in our professional iudgment, were of most significance in
our audit of the financial statements for the cllrrent period. These matters were addressed in the
context of our audit of the llnarcial statemellts as a whole. and in lbrnring our opinion tirereon. atrd
we do rrot provicle a sepat'ate opiuion ou these nattersrp,fu

Page I of Page ,52


SL.
Key Audit Matters
No.
1 Revenue Recognition
(Refer to note 25)
Revenue of TK. 59,011,458,603 is
recognized in tlre Statement of Profit or
Loss and Other Comprehensive Income
of GPH ISPAT LIMITED fbr the year
encled 30 June 2AT. We iclentified
revenue recognition as a key audit matter
because revenue isone of the key
perforrnance inclicators of the conrpanv
and therefore there is an inherent risk of
manipulation of the timing of recognition
of revenne by management to meet
specific tal'gets or expectations.
As described in the accounting policy
3.15 to the financial statements. the
compauy recognizes leverlue Llporl
rendering services to
customerslclients as per IFRS 15
Revenue tiom Contract with Customers.
Page 2 ofPage 52
Hoda Vasi
Chowdhury & Co
How our:r*dit addressed the kev audit matter
In light of the fact that the high degTee of complexify rve
assessed the Company's processes and controls for
recogniziug revelllre as part of our audit. Fru1hetrlore. in
orcler to nritigate tlre inherent risk in this area. our audit
approach inclucied testing of the controls and the
substantive aLrdit procedure, including:
pertaining to revenue recognition and assessed
compliance r,vith the policies in terms of IFRS 15
Revenue fiom Contracts r.vith Customers.
recognition and olr audit procedure focused on
assessing the invoicing and measurement systems up
to entries iu thegeneral ledger. Examining
the custonrers' invoices and receipts of paynent on a
sample basis.
recorded over the year using sarnpling techniques, b1,
examining the relevant supporling documents
including sales invoices. In addition- rve confirmed
certairr snstourers' receivable balances at the
repofting date, selected on a santple basis Lry
considering the amounts oLrtstanding rvith those
custolrers.
recognizecl shortly before and after the reporting tiate,
includin-{ the sales returns recorded atler that date, to
examine r,vhetlrer sales transactions rvere recorded in
the correct recorcling pericds.
,llrl*
 Hoda Vasi
Chowdhury & Co
SL.
Key Autlit Matters Horv our audit addressed the kev audit matter
No.

Inyentories We verilled the appropriateness of rranagemefit control

2
(Reis'to note I 1) applied in calculating the value of the inventory
provision by:
Inventories represent about 29.98or'b of
the total revenue of the Company;
inventories are thus a material item to the over inventories; including observing the process ol
llnancial staterrents. Please retbr to note managelnent's ),ear-end inventory count.
1 I to the financial statements.

costs have been appropriately recorclecl.

As describecl irr the accounting policy
note 3.07 to the financial statements,
inventories arc valued at the lolver ofthe conrparing costs to recent selling prices and assessing
cost or net realizable values. As such. the reasolrableness of any resulting rvlite clorvn of
management is required to maker inventory items.
judgrneuts in detemining rvhether
inventories are being appropriately recognizeci lbr aged. da:rraged, slo'rv uroving or
valued, and also need to make provisiorr obsolete inventories b), revier,r.ing the age of
for aged inventories, if requirecl. inventories held and evaluating management's basis
for determining the usability of inventories.
Due to tlre value and volunre ol
inventories being held by the Company
at the reporting date and complexities and sales of the inventories have been considered in
involved in the accounting and the coffect accounting period.
presentation thereol, inventories have
trecn considered as a key audit matter.
plovision ancl the Ievel of rvrite clorvns.

3 Property PIant irnd Equipurent

(Refer to note 04)
The company has a Iarge nrurtrer of Our audit procedure in this area inclnded, among others;
Property, Plant and Equiprnent iterns. In
vierv of availability of latest machinerl, depreciating the assets;
due to improvecl technology. the
obsolescence ct impairment may be relevauce of the accounting of PPE by uranagenrent;
noticed in existing machineries.
and

N{ana-gement has concluded that there is

no impairrnent in respect of ali assets. observation to assess management's determinirtion on
This conclusion required significant lvhether tl,e equipment is obsolete. ancl testing the
management iudgmer-rt. IJence. lve assunrptions used in estimating recoverable anlount,
considered this to be kev audit matter. snch as estimated usefui life and replacement cost.

Propety. Plant and Eqr-ripnrent tbr deterntirration ol

i m painrent and ohsol escence.
We have horvever, revieq,ed to yaluation report
submitted by G. Kibria & Co. Chartered Accountants
clated 22 .lune 2023 and ensured irnplementations of
their fi ndingsl recornnrendation(s).

Page 3 ofPage 52
 Hoda Vasi
Chowdhury & Co
SL.
Key Audit Matters Horv our audit addressed the hev audit matter
No.

4 Measurement of Deferred Tax

(Refer to note 20)
Our auclit procedure iu this area included, anlcng otirers.
Tlre Company recognizes deferred taxes
relating to Property. Plant ancl
equipment, Inrzestment in associates and effectiveness controls in respect of- the
of key
employee benefits (Gratuity). lr,hich are company and the process of recognition of deferred
very contplex itl trature. taxes.

As such accounting for cleferred taxes

involves nlanagernent in cleveloping and Company tax slr'ategy.
estimates of tax exposllres and
contingencies in order to assess the
adequacy of tax provision. Flence, we
tax, antJ
considered this to be a kev audit matter.

disclosure, including disclosures of assumption,

juclgements and sensitivities. lVe involved tali
specialist to assess key assumptions, cotitrol
recognition and measurement of defer:r"ed tax
Iiabilities (Assets).

5 Trade Receivables
(Rei'er to note 1?)
Our audit procedures in this area inclutled alnong others:
'l'rade receivable is a key audit nratter in
the audit clue to quantun.l of the trade
receivable balance, realization nature of
long outstancling invoices and
nranagemerrt judgement at the tinre ol
impairment 1est.
assessed the recoverability of'these through inquiry
r.vith mar:ragement and by obtaining sutlcient
corroborative evidence to suppolt the conclusiott.

Reporting on other Infonnation

Other infonnation consists of tlre infomration incluclecl in tire Company's 30 June 2023 year ended
Annual Reporl other than the financial statements and our auditor's repoft thereon. We obtained the
Director's Report, Management l)iscussion and Analysis, Financial informatiou, and Corporate

'l0"gr'
Page 4 olPage 52
 Hoda Vasi
Chowdhury & Co
Govemance repofi prior to the date of our auclitor's report, and rve expect to obtain the retnaining
reports of the Annual Repoft alter the date of our auditor's repol't. Manageurent is responsilrle lbr the
other information.

Our opinion on the financial statements does not cover the other intbrnration and we do not express
any form ofassurance conclusion thereon.

Iu coutrection lvith oru' audit of the flnancial statel.rleltts, our respousibility is to read the other
inforrnation and, in cloing so, consider rvhether the other inlormation is materially inconsistent r,r,ith

the fiuancial statetnents or our knorvleclge obtainecl in the audit or othenvise appeals to be uraterially
misstated.

Based ott the r,vork lve have perlbrrnecl; rve conclude that lve have nothing to reporl in tlris respect.

Responsibilities of h{anagement and Those Charged with Governance for the }'inaneial
Statenrents

Ivlanagentent is responsible for the preparation and lair presentation of tlrcse financial statemeuts of
the Company in accordance u,ith lnternational Financia[ Reporting Standards (lFRSs), the Cornpanies
Act, 1994. the Securities and Exchange Rules, 1987 and other applicable larvs and regulations and for
such internal control as marlagement detentines is necessary to enable the preparation of financial
statements that are fi'ee f}orn tnaterial misstaternent, rvhether due to fi'aucl or eu'ot'.

In preparin-e the t'inancial statements. management is responsible for assessing the Company's abilitl,
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going col1cen1 basis of accounting unless management either intends to liquidate the L-on'rpany or

to cease operations, or has no realistic alternative but to do so.

Those charged r,vith governarlce are responsible tbr overseeing the Company's tinancial repofiing
process.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonat'rle asslrrance aboLrt r,r4rether the financial statements as a rvhole
are free from material misstatement. r.vhether due to fraud or error, and to issue an auditors' repofi that

inclrtdes our opinion. Reasonable assurance is a liigh level of assllrance, but is not a guarantee tlrat an
audit conducted in accordance lvith lSAs will alr,vays detect a material misstatement lvheu it exists.
l!{isstatements can arise from liaud or error and are considered material if, individLrally or in the
aggregate, thev coulcl reasonably be expectecl to inlluence tlte econornic clecisions ol users taken on
the basis of these financial statements.

"#*%

Page 5 of Ptrge 52
 Hoda Vasi
Chowdhury & Co
As parl of an audit iu accordance r.lith ISAs, lve exercise prot-essional judgment and maintain
professional skepticisrn throughout the audit. We also:

(a) ldentity and assess the risks of material misstatement of the financial statements. r,vhether due

to fraLrd or error design ancl perform audit procedures responsive to those risks, and obtain
audit evidence that is sutficient arrd appropriate to provide a basis lbr our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting
l}our error, as ll'aucl nray involve collusion, fbrgery, iutentional ourissions. nrisrepresentations.

or the override ofinternal control.

(b) Obtain an understanding of intemal control relevant to the audit in order to desigrr audit
procedures that are appropriate in the circumstances. but not tbr the pllrpose of expressirtg at

opinion on the effectir.eness of the Company's internal conkol.

(c) Evaluate the appropriateness o1' accounting policies used ancl the reasotrableness of
accounting estimates and related disclosures made by management.
(d) Conclude orr the appropriateness of managerneut's use of the goirrg concenr basis of
accounting and, based on the audit evidence obtained. r,vhether a material uncedaintl, exists
reiated to events or conditions that may cast significant doubt on the Compan5/s ability to
continue as a going cor1cen1. If lve conclude that a material uncefiainty exists. \,ve are requirecl

to dralv attention in our auditors' report to the related disclosures in the financial statements
or, if suclr clisclosures arc inadequate, to nrodily our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditors' report. f-lowever, future events or
conditions may cause tlre Conrpany to cease to continue as a going concern.
(e) Evaluate the overall presentation, strllctlu'e and content of the financial statements, including
the disclosures and r,vhether the financial staternents represent the underlying transactions and
events in a rranner that aclrieves t'air presentation.
(fl Obtain sufficient appropriate audit evidence regarding the financial information of the or
business activities rvithin tlre Cornpany to express an opinion on the flnancial staterrrents. We

are responsible for the direction. supervision and performance of the Company audit. We
retnain solely responsiLrle for our audit opinion.

We communicate with those charged lvith go\rernance regarding. among other matters, the planned
scope and timirrg of the audit and significant audit findings, including any significant deficiencies in
internal control that r.le identify during our audit.

We cornrnunicate lvith those charged u,ith govenrance rvith a statenlent that rve have colnplied rvith
relevant ethical requirements regarding independence. and to commnnicate rvith them all relationships
and other ntatters that may reasonably be thoLrght to bear on olrr independence, and rvhere applicable.
reIated salbglrards.
#^Lt

Page 6 of Page ,52

 Hoda Vasi
Chowdhury & Co
We detennine those matters. tiom the matters communicated r.vith those charged with governance that
were of most significance in the aLrdit of the financial statements of the curent period and are
therefbre the key audit matters. We describe these matters in our auditors' reporl unless larv or
regulation precludes public disclosure abor"rt the matter or rvhen, in extremely rare circumstances. we
detennine that a nratter should not Lre cornmunicated in our reporl because the adverse consequences

of doing so r.vould reasonably be expected to outrveigh the public interest benefits of such

cotnrnunication.

Report on other legal and regulatory requit'ements

ln accordance r,vith the Companies Act 1994 and the Securities and Exchange Rules, 1987. r,ve also

report ttre follorving:

i) We have obtained all the information and explanations r,vhich to the best of our
knorvledge and beliel' were necessary for the pLrposes of ottr audit and made due

verification tliereof
ii) ln our opinion, proper books of account as required by law have been kept by the

company so far as it appealed fi'onr our exaruination of these boohs and;

iii) The statement of financial position and statement of profit or loss and other
comprchensive income dealt with by the report are in agreement \vith the books of
account and retums.
iv) The expenditure irrcurred was for the purposes of the company's business.

"d'v%

For and on behalf of

Chattogram, 02 November 2023 Hoda Vasi Chowdhury & Co
Chartered Accountants

&*r,ndw'
Showkat Hossain, FCA
Senior Partner
Enrollment No: 0137
DVC:231 10201 37A5965943

Page 7 of Page 52
 GPH ISPAT L}[,IITED
Statcnrerrt of Fira*cinl Position
As af 30 Junc ?023

ASSE'TS
Non-current assets
Propert\,, plant and eqr.lipmenl 4.0s J5551 lill7fr 31 ,015,5 t 8.104
Right of Use Assets 5.00 I3 1 .800.094 1 48.898.62s
Capifal rvork-il-progress 6.00 4.-561.141 .l1 7 3.241.016.1s8
Intangrble assets ?.00 t.766.944 :. I 67.89q
Investments 8.0$ 69.297.886
I ,998,290
I7I

Total non-current assets 50,41 7,259,5I r 34-579-599.316

Current assets
Short term inyestment 9.00 1Jr)]i\i1 iil 2.124.065.981
Advances. deposits and prepa-r,nrents 10.00 it /i71 I i1 iTit /i IQ1 lqit 71i)
Iil\.enf0ries I 1.00 17.69-5.:2-5.1 jj t-5.979.789.926
Tracle and 0tlrer receivables t2.00 6.824,964,470 _s.466.050.2,s6
Cash and cash equivalents 13.00 370.56?.834 .t'+,+_8'+?.678
'Iotal current assets 35.966.460,558 30,307,147.560
Tot{l Assets 86.383,720,069 64,886,746,876

I'QUITY AND I,IABILITIES

Equity
Share capital r4.00 4.608.41 3.870 4.368. r 64.ri00
Share premiurr 1s.00 1 .36,440.000
I I .1 36.441r.000
Revalualion Reserve 16.00 i i,638,6 I 5.873 3.850. i,L..68:
Retained earnings 17.00 1.088.516.1,!9 3.2: l.i7{). t57
24.46r,99s,932 12.576,30?.639
Liabilities
Nor-currcnt li:tbilitics
Long term loan 18.01 2:.044.892,87-3 20.648.351.1 r9
Finance Iease obligations 5.00 88,.{39.678 109.]01.227
Det'ined Benetlt Obligation - Gratuitl- 19.00 86.286.?08 65.079.334
Delerrecl tax liabiliry 20.00 l 1 1.441

Current IiaLrilities
Curent porfion ollong lenn loan I8.0 t ?.1 I 6.832.848 i ?7i 776 oc)i
Current portion offinance lease obligations 5.00 50.00 I .146 4t,0I9.3b7
Slrort terrn bon-orr,'ings 21.00 3f,.030.-11 6.717 2:i,882.-i9 I .653
Creditors and accruals 22,00 a ar)5 gl)J fis l 2,3?9,8 16, I 35
[.lnclaimed Divrdend 23.00 'l1111i)lR 1rR?qt)
Current tax liabilit\, 24.00 I I 9.662.1 97 7.r) R5 t L)56

TotaI culrent liatrilities 35,325,93I,698 10,253,t|.10,1 16

Total liabilities 61,,)21,124,137 52,310,439,237
TOTAL IQT]IT)' AND LIABI LI'FIES 86,383,720,069 64,486.746,876

Nf,T ASStrT YALl.r}, PEI{ SHARE J2.00 53.08 28.79

These.financial state*wuts slnuld be re*d in caujuttctiott tyitl,t tl,w cnptes:ecl t*ttes: I ta 16

&*9e*
andv,ere rptproved bt, ilw Butrd of Direcktrs ou:Otto[ssr 28. 2{)23
attt{ t+,ere signei on its behtrlJ'by;

MMt^"
Cornpanl'Seeretarl

For ani on behul.f af

Chaftogranr, 02 Noverrrber 2023 Iloda Yasi Chon'dhur1 & Co
(lhartered Arcountarlts
(*:

Nr^tx*1,*-
Shorvkat Ilossain FCA
Seniol Plrtuer
Erlrollment No : 0137
DYC : 2Jl 1020137r\S9(r594f

Page 8 of Page 52
 GPH ISPAT I,IN{ITEI}
Statenlent of Protit or Loss and Other Compreheilsi\.e lfirome
F'or thc Jenr entled 30 Junc 2023

Gross Revenue 25.00 59,011,4-i8,603 17,959,934,8t)7

Value Arltletl Tax (1.1s4.565.767) (1.1 12.40s.850)

Net Revenue 57,656.892.s36 46,827,524,957

Cost oigooils soltl 26.00 (49.6e6.5r 8.648) (

Grors Profit 7,960,364, I 88 6,349.078.067

Adnr inistrative e.\penses 27.00 {400,362,1 181 {355,960,81 6)

Selling and disrnbution elpenses 28.00 (1.087.086.220) ( 1,04?.5 1 2.874)

Profit from operating acti\.ities 6,472,915,8s0 4,945,6{}{,377

Finance Cost 29.00 (5.1 1 9.8_26"294) Lt.1 60.878.575)

Finance income 30.r)0 1J I itl L.thq 1la tqri?10

Profit before other income 1,296,612,82s 2,897,122,s}z
Other inconre 31,00 7.5 75.t84 32.669.960
Ner change in fair value ofinr.estmenl in quoted shares 8.02 (:.700,4{-r4) / I 8-15 c)?i r

Profit before lrcorue Tax and disfribution ofWPPF arrd lVelfarc Furd I,301,487,005 2.92?,94(r,517

Contribution to \\?PF rmd Welfare Fund 72.8:3 (65,074,-150) ( r 4b.397.i2b)

Profit before Ircorne Tar l-236,412.(155 2,781,549,191

Income tax expenses

Current 24.00 (.806,371,3 r{5) (7 1 6.277.882)

Deferreti 20.00 Lr62.410,_lIir) (570.994.87b)

Prolit after Tax 267,61 I,0s2 I,494,276.433
Other comprehensiye income
Revaluation ofpropertv, plant and equipment 16.00 1 4.83 7,808"326

Deferretl 1ax on rer,aluation reserr,e ofproperty^ prl:rnt antl equipment 20.00 (1.979.482.02 I ) l9 -1:5.{6 I

Total other comprehensive income I I -858326.30s I 9.32s.461

'I'otal comprelrensive income
_____J2;Eg37$___1,sryq1,qry_
Earning Per Sh*re (B*sic) 33.t!0 0.58 3,42
Earning Per Share (Restatedl 33.0S 3.24

These -/inancial statements should he re ud in conjutctiott tt,ith tlrc annexed noles: I lo 46

and u,ere o|.tproted Lt1, the Board o.f Directors on:Octolter JE, 202 j
lnd y,erc signed an its behall by:

Secretary m For and o* be*atf af

Chatfogram, $2 November 2$23 Hada Yasi Chowdhury & Co
Chartered Accountants

/kr-/-d*
Shon'kat l{ossnin F(li.
Scrrior Partncr
Enrollnrent No : 0137
DYC : 2ll ltl2{}1J74s9659{l

PaBe 9 of Page 52
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 GPH ISPAT LI}IITED
Statement of Cash Flows
For the year end€d 30 June 2023

St July-20?2 0I July 202I

'' rto: to
Note{s}. 30 Juue 2022
30,J*ire t$23,
,''i"i "i;;1.,,i1.,,,.1',.

a. Operating activities
Receipts from customers against sales .]6.02.01 56.452.238.901 44.682,258.869
Cash Paid to suppliers, operating and other expenses 36.02.02 (54,294,205,69 r) (47. r 95,390,373)
Foleign currency excharrge gairr/(loss) 36.02.03 (2,32-s,087,448) (282,457, r 84)
Inconre fi'orrr forfeited account 36.02.S4 733.834 3 l 1,904
lncome tax paid 36.02.05 (80i.230,6e0) (326.7se.e88)
Net cash flox's generated by operating *ctivities 36.01 (969,551,094) (3,1 22,036,172)

b. Investing nctivities
Acqtrisition of ploperty, plant and equipment 36.02.06 (2.?68.280,807) (2,163.87s,416)
Acrluisition of right of nse asset 36.02.t7 (42.346.073) (38.8 i 1.i85 )
Acquisition of Intangible asset 36.02.S8 (1,059,075)
Investment in quoted shares 36.02.09 (2,40r,965)
Dividend received (rret of tax) 36.02.1$ 3,-r83,112 2,940,1-16
furterest received fronr bank deposits and others 36.02.11 9-5,461.730 68.999.3:r7
Other inr,estments 36.02.12 ( 131,427,831 ) (7s6. r 43,539)
Net cash flows used in investing activities (2,343, ,009,869) (2,890,35I,907)

c. Financing activities
Receipts lionr longterm loans 36.02.13 337,598.509 62,404,6?6
Repa,vments of tinance lease obligation 36.02.1,1 (r2,285,670) (2,600,23 l)
(Repaynrent) / Receipt of short terur borrotviugs 36.$2.I5 6,147,92_5,084 8,941,647.220
Dividend paid 36.02.16 (240.2 r 7.es8) (7e5.e82.9i3)
Interest and bank clrarges paid 36"*2.17 (2.e94,751 ,884) ( r,878,420,9i6)
Net cash flows used in financing activities 3,238,268,081 6,327..047,746

d. Net increase in cash and cash equivalents (a+b+c) (74,292,882\ 314,659,067

e, Opening cash and cash equivalents 4.+4,8-12.678 1 30,1 84,066

f. Effect of lbreign exchange rate chatrges 36.02.18 13,038 (455)

g. Cash and caslr equivatents at the end of the period (d+e+I) 370,562,834 444,842,678

Net operating cash florvs per share 34.00 (2.1S) (7.1s)

Tltese.financiql statements shotlcl be reatl in ctnittrtctiot? v,ith the artttexecl ntste,s"' I ttt 46 "Ur"9n
owl vlerc approted b],the Board of' Ditectors otl:October 28, 2423
ancl v,'et'e sigtecl on its behctlf"bl.,:

MA*"v* wr Managing
Company Secretary

Page 11 of Page 52
 GPH ISPAT LIII.TITED
Notes to the Financi*l Stnferuents
Fnr fhe year entled 30.ftrne 2023

r.OO RI]PORTINC ENTITY

1.01 Farmation and Legal Status
GPH Ispat Limited (hereinafter referred to as "GPF{" or "the company") rvas incorporated in Bangladesh as a Private
Limited conrpanv on 17 May ?006 at the Olilce oi the Registrar of Joint Stock Companies & Firms, Chittagong r,ide
registration no. CH-5[t53 o1' 2006 under the Companies ,{et 1994. The cornpriny, subsequentll., u,as conr.erted into a Public
Lirnited companl. on I 8 Decernber 2009 along xith the subt'livision of f-ace r.alue ot' shares lrom Tk. I 00 to "Ik. I 0 each and
srharrcerrent of Authorizetl L--apital tronl Tk. 2.-500,t)0t1,000 to Tk. 10,000,()00,000
GPH lrecame listecl rvith Dhaka Stock E.xchange Lirnited and Chittagong Stock Exchange Lirnited ch$ing Apri] 2012. Tlre
registered office ancl prilrcipal place oftrusiness oflire conrpanf is locatecl at (]ro*n Llhamher. 325 Asadgonj. Chattogram.
Bangladesh,

1.02 Nature of Business

The principal activities of the rrompany are manutacturing and trading of iron products and steel materials of all kinds
(except f€rro al1ov products) or other metallic or allied materials aud marketing thereol- The commerc:ial production ot the
tactory ccrmmenced on 21 August 2008.

2.00 BASIS OF PREPARATTOI{ A]\D PRBSENTATION

2.01 Statenrent of Compli*nce

The financial stftttrDelts of the compau5, unclel repofijtg have been prepared on a going coucern trasis follos,ing accrual
basis of acr,:otmting except fbr staternent of cash l'lorvs in accordance lvith the Intemafional Accounting Standards (iASs)
and International Financial Reporting Standards (lERSs) as adopted in Bangladesh try the Institt*e of Chartered
Accorurtants of Bangladesh (ICAB).

2.02 Basis of Reporting

'fhe financial stat€lrelts ate preparcd and presented fbr extenral users by tlre conrpany in ac,Jordalce rvith
iclentiiied
financial rc.porting framervork. Presentation has been made in complianoe r.vith the requirements of tAS 1 - "Presentation of
Financial Statenrelts". The financial statelrlenls con4trise of:
a) A stateffent of Financial Position as at 30.lune 202-1.
b) AstatenteltofProf'itorLossattdOtherConrpreho'usiveIncornefortlrevearentletl 30"furne2023:
c) A staternent of Changes in Equity, for the 1,ear ended 30 Jnne 2023;
d) A statenrent of Cash Flor,\,s for the year ended 30 .hure 2023; a*d
e) Notes, comprisirlg a suntman, of signiticant accourrtillg policies and explanatory inlbrmation.
2.03 Other Regulator"y Compliances
As required, CPI'I Ispat Limifed cornplies r.ith the tbllowing major legal prorisions in additiorr to the C-ornpanies .r\ct I994
and otber applicable lau..s antl regulations:
a) TheLrcomeTaxAct2023
b) The Value Added Tax and Supple.mentary Duty Act 20 12
c) The Value Acklecl Tax ancl Sqrpleurentary Duty Rules 20 I (r
d) The Securities and Exchange Ordinance 1969
e) The Securities and Excharge Rules 1987
f) Securities and Exchange Corlruission Act 1993
g) The Customs Act 1969
h) Bangladeslr l-abour Latv 200(r (as amencied in 2022)

2.44 ituthorizaticn for Issut

The financial statemerts rvere authodzed for issue by the Btard of Directors ou 28 Octolrer 2023.
2.05 ,Basis of I{easuremeilt
Thr-: Financial Staternents havc been prepared orr going conceru basr's turder the lristorii;al cost oon\.efition except in\restment
in quoted shares rq..hich are measured at l'air value.

Page 12 of Patse 52
2.tt6 Fnncfion*l *nd Present*tion {lurrcney
The financial statemeils are expressed in Bangladesh Taka (Taka/Tk.) rlhich is both functional curency and presentation
currency of the Company. The figures of financial statemcnts have been rounded olf to the nsarest Taka except r'vhen
othenvise indicated.
2.07 Cash Flows Stafement
Statcm€nt of Cash Flou,s is prepared principall-v in ac:cordance r,vith IAS-7 "Stateurelt o1'Cash Flolr,s" and the cash f]ou,s
from aperating activities have been presented under direct method. A reconcilial.ion ofnel income or net profil'"vith cash
florvs fiom operat.ing act.ivities nlaking a{liustrrrents for nol-cash items. for lrorl-operatirlg iteurs arcl fol the net changes in
operating acoruals as per recluireme$t of Seourilies and Exchange Iiules I 987.
2.08 Going Concern
Thc coinpanv has atletluale rcsources to continue its operation in lbresecablc future. For this rcasor! the tlirectors eontinuc to
adopt goilrg corrcem basis il preparing the finaucial statetlefits. The rrurrent re\renue gerteratiotts anel resottrces of fhe
cornpar_y pror.idu' suliicierrt lhncl to nleet the pressnt retprirenrents of ifs e-xistilg busiress atrcl operatior.

2.09 Reporting Period

The financial statements ofthe compa*y covers one year fiom 01 July 2022 to 30 June 2023 and is foilor.r,ed consistenth'.
2.10 Application of Accounting Stand*rds
The financial statements have been prepared in campliance rvith requirement oflASs (International Accounting Standards)
and International Financial Reporting Standards (lFRSsl as adopted by the lnstitute ol Chartered Accountants of
Bangladesh (I.CAB) as applicable in Bangladesh.The follor.ving IASs and IFRSs are applied to preparation of the financial
statement f'or the year under report :
.4,ccounting Standards
IAS- 1-Preparatiol of Filancial Staterrrents
IAS-2-Inventories
IAS-7-Statetnelt of Llash Florvs
IAS-8-Accounting Policies, Changes in Accounting Estimates and Errors
IAS-10-Everrts after the Reporting Puliod
IAS-12-Income Taxes
IAS- 1 6-['roperty. Plant and Etluiprnelt
iAS- l9-Employee Benefits
IAS-21-The Effects of Clranges iu Foreigr Exchange Rate
IAS-f 3-Borrou ing Cost
IAS-24-Related Pafiy Disclosures
IAS-33-Earning Per Share
IAS-36-hupairrlett of Assets
iAS-37-Provisions, Contingent Liabilities and Contingent Assets
IAS-38-hrtargible Assets
IFRS-7-Financial Instruments: Disclosnres
I FRS-9-Firrarrcial Instnunents
IFRS- 1 3-Fair Value Measure.ment
IFRS-l -5-Rer,enue from Cortract rvith Custorrres
lFRS-16-Leases

2.ll Initial application of nery standards

The entity has initially applied IFRS 16 (see 3.0,5) fiom 0l .lulv 2019. This starrtlard tlo rtof hzrve a rtaterial ef]eof oil the
f inancial statemellts.

11' tlse of Eslimates and .Iudgemcnts

1he preparation of these flnanc-ial statements is irr conlbrrnit,v rvith IAS and IFRS requires managemont to mal<e
judgements, estimates and assumplrons lhat afiect the application ofacconntrng pohcies and the reported amounts ofassets,
liatrilities. inconre and expenses. Actual results may differ fionr these estilnates.
Estirlates antl utrtlerlying assulrptions are rer,ie$,ed orr afl on going basis. Revisions to ascounlillg estitnates are rccogrrizetl
irr the period il u,|ich the estiruates are rer,isecl and in any firture periods af]'ectecl.

PaBe 13 of Page 52
 In parlicular, inlbrmation about significant areas o1'estilralion. unoerlaint,v and critir:al judgemelts in applying accoufiing
policies that have the most signil-icant el ct on the amounts relrognized in the l-rnancial statements is included in the
follor,ving notes:
Note: 4 Propetty'" plant arrd equipment
Note: 5 Right olllse Assets
Note: 6 Capital u'ork-it-progress
Note: 7 lntangible assets
Note: 11 Inventories
Note: l2 Trarle anrl otlier receivalrles
Nofe: l9 Delined benefit obligation - grrrkrity'
Note: 20 Deferred tm liabilities
Note: 24 CulTent tax lialrility

2.13 Classification of cumcnt and non-cument

The Clompan]. presents assets aild liabilities irl tile staternerrt of financial positiol basctl on currert/nolr-curreut
classification.
An asset is eurrcnt when it is:
- E.xpectecl to be r-ealisecl or intendecl to solcl or colsr.rnretl iu the nonual opemtiug c-vcle
- Held prinrarily lbr the purpose oftrading
- Expected to be realised rvitlrin tr.\,slr,e mortlrs after the reporting period
(rr
- Cash or cash equivalent unless restricted from ireing exchan-qed or Bsed to settte a liabilitl' ftn at least trvelve months
All other assets are classified as non-ourrent.

A liahility is eument rvhen:

- It is expected to be settled in the normal operating cycle
- Ir is held prinrarily for tlre pupose oltrading
- it is clue fo be settled w,ithin tri.elre nonths aiter the reporiing periocl
Or.
- There is no turconclilional right to clefer the settlemenl of the Iiability fol at least ts,elr.e nrortlrs after tire rcporling
The oompany classitic-s all other liabilities as non-L:urrent.
Deferled tax assets and liatrilities ale classifiecl as non-cull'ent assets alcl liabilities.
2.14 Coatparative Informafion and reclassifi c:rfion

an.l descriptive infonnation rvhen it is reler.arrt for untlertandirrg of the current period f-inalcial statemerrts. To fitcilitnte
comparist'rn, certair reler.ant bala*r:es pertainirrg fo the prer.ious period halc been rearranged/reclassitied nherever
considered nec€ssary to conform to cnrrent periods presentation.

3.0$ SU$,I$f AR}' OF SIGNIFI CA\T ACCOI' \..'TI \ G POLI CI IiS

The specilic accourting policies seleci;ed and applied [:y tlre compan_v's directors i'or significant transactious and events that
have material elfect rvithin the framervork ofIAS-I "Presentation ofFinancial Statements". rn prep:tration and presentation
of financial statements have been consistently applied throughout the period arrd rvere also consistent rvith those usecl in
c:arlier periods.
For a proper uuderstancliug of the financial staterretrts. these arccomrting policies als set oiit beloiv in ore place as
prescribed by the IAS-1 "Presentalion of Financial Statements". 'ilre tecommendations oi IAS-l relating to the format of
tinancial statelnents rvere also taken into tirll consideration fur tair presentation.
Se1 out belou. is an index ofthe signiticant ac!)ounting polic:ies, the details ofu.hich are ayailable on the tirlo$,ing:

-1.01 Consisteucy
3.02 Property" Plant and Equiprnent
303 lntangible Assets
3.0,t flapital Work-in-Progless
3.05 Leases
_1.06 Inve-stment
3.07 hx,entories
308 Financial Instruments
3.09 lmpairnrent
3. 10 Share Capital
311 Emplolee Benelits
-1.i! Taxation
3.t3 Loans and Borrorvings
3. l4 Provisions. Contingent Liabilities ard Contingenl Assets

Page 14 of Page 52
 3_15 RevenueRecognition
3.16 Other Inctme
3.1 7 Filance Iacome and Cost
l.l8 Eanrilgs Per Share
3. 19 trtfeasurement of Fair \ralues
3.20 Events after the Reporting Period
3.0I Consistcncy
Lltrless othem,ise statecl. the accoulting policies ald methods of €urputatiol) usecl iu prepar-ation of Fjnancial Statemeuts
fbr the year ended i0 June 2023 are consistent r,vith those policies and methods adopted in preparing the financial
statements for the \,ear ended 30 June 2022.
3.02 Proper$i Plart and Equipnrent
i) Rccoguitior antl l\"Icasurenrcut
Prcpertl,. plallt and equipnent are stated at cost less accuurulaled clepreciation except laud and larrd der,elopnrent.
Clost ittcludes expentliture that is clirectly attrihutable fo the: acrFrisiliol
of asset. The cosf of self conslructed assef irc{uclus
the cosf o1'material and direct laboirr, au1' other costs direrrtly aftributable to bringi*g tlle assets to a \!'orkirlg corlditioll fbr
their intended use, *ud the costs ol dismautlina and rcuor.ing ihe itelrrs and restoring the site on w.'hich they. are located.

ii) Pre-()pcrating Expenst's lnd Borrou,ing Costs

Itrterest and othel'itcnrrecl b-v the corqran.v in respect of'bcu:'os,ing offirnd are recogtrizerl as expenses in the year in rvhich
thel,incurred rnless the actil'ities thirt are recessar]. to prepare the qualilfilg assets lbr its irrtcndetl use are il progr$ss.
Expenses oapitalized also include applicable borrorving e-ost considering the requirement of IAS-23 ''Borrou,ing Costs".

iii) Subseguent Closts and Nlaintenance ;tctir,ities

1'he cornp*ny recognizes in the canl.ing amourt of ar itetrt of plopcrtl., plalf an.l ecluipnrent. the cost of replacing part ol-
such an ifern w;hen the cost is incurrscl. it is probuble that tlre lirture economic benetits emboclietl with the jteru ri.ill llorv kr
the conrpany and the cost of the ifem cal be rneasued reliabll.. Expeltliture incurred after the assets har.e been put ilto
operation, suclt as repair ard ntainferanoe is norrually clrargctl olfas revenue e-xpentiiture it the 1,s51;, w'hich it is rncurred.
hr situation u4rere it can be irlearly cleuonstlated that the e.xpenrliture has resulter.l il an increase ir flre future cgouorlic
bent:fit cxpected to be obtained I'orn the usc of propert!'. plalt antl equipurent, tlre expeniLture is czipitalized as an
ldditional cost of the assets. ,\ll ofher L:osts are recoglizerl hr tllc proj'it and loss account its expenses il'inctrretl. ;\ll
Llpgladation /enhrncenrcnt are generalll.eharged ofl'as revetur: expenrliture ullc:ss thev bring sinrilar signilicant additional
bcneflts.

ir,) Bepreciation
Land is hel.l on a freeholtl basis and is not tlepreuiated corrsideriug tlre urrlnrrited lil'e. In respecr o1'all other propert)'. plaut

balattce nrctho(1.
'l-he
depreciation tate(s) are as follous:
Rate oflepreci*tian fcr thc ye*r
fllass of asscts 30 2t)23 30 Juue 2022
& l,and
and lr'lachinery 5or'{, 596
Building 5ori, 59;
I;irltire arid l)ec:oration r 096 10or'f,
aucl .\ccessories 209,h 2Ao,'o
Vehicles 109,f l0ozi
Vehicles 7._50,!; 7.5096
and Gas Line Ilstallation 596 5%
Etpripnrcnt 10% l09,ii

Depreciation ofan asset begins rvhen it is available ftrr use, i.c. *,hcn 1t rs in the location and condilion necessar\, ft.;r rt to bc.
capable of operating in the manncr intended by rnanagement. DepreLriiltion of an asset oL:ases ilt carlier of thc dati: that the
asset is olassifled irs held lbr sale in aercordance lritlr IFRS 5 anri thr: date that thc iisset is derecognised. The depreciation
method used rellecfs the patferr irl rvhic:h the irsset's econornic benefits are consumecl by the entit1.. Aficr considerilg the
tusetirl lil'e o1'assets as per IAS-16 "I)rt4rerf,. plaut anrl ctluipnreut". the annual tleJrreciatiun har.e been applied eLlral
allocatton ofkltal {rost or.eruseful life o1-assels *,hich is consiclered lszrsonatrle bi, the nranagenrent.

f)epreciation lrethods aud rselul lir,es are reassessed at the reportirlg date and adjustecl il'appropriate.
Upon retirenrcnt olasserts, the cost and relirted acrcumulated eleprei":iatittn are eliminatcrl liom the aLrc:ounts and resulting gain
or loss is charged or oredited to statement ol'protit or loss and other e:omprehensive ine-ome.

Page 15 of Page 52
 Total depreciation is distributcd as trnder:
Category Rate
Direct expenses 909,,1,
Adnriuistratir,e expetrses 59,6
Sellirg and disfributit'rn expellses 596

v) lmpairment of .\ssets

The company revieu's the reco"'erable amount ol its assets at each reporting date. If there exists any tndication that the
carrying amount ol assels exceeds the reooverable amount, the Gompanv recognizes silch impairment loss in accordance
with lA5-36 "Impairment of Assets".
r,i) Retircment and Risposals
An asset is derecognizeel on disposal or r.vhen no future eoonomic benefits are expected liorn its use and subseqtlent
disposal- Lltr clisposal ofplopelly. plant and erpripurent. thu cost anrl accurnnlalecl clepreciation are elimittatecl. Gain ol loss
arising {iom the retirement or disposal of an assel is determined as the eiifl'erenoe betw€en the net disposal proceeds and the
catrl,irtg alnount ofthe assets atrd is rccognizecl as gain or loss flonr tlisposal ofasset rn(ler other ificollle iu tlre statenrent of
profit or loss and other comprehensive income.

vii) Rcvaluation cf Prcperty, Plant and Equipment

As per decision of the Board ol Directors {BoD), the Compan-v has revalued its lieehoid land anti development, Plant &
lr.4achineries and Electric and Gas I-.ine Installation of QEAF project to the determination of current lair market valus to be
used to sho'rv the actual picture of the company in the Financial Statements bv an iniiependernt valuer G. Kibria & Co.;
Chartered AL:countants dated 22 June 2023. As per BoD meeting dated 28 June 2023, the Board of Directors has accepted
the revaluation report and agreetl to ef{ict revaluation surplus amonnt in the accounts of GPI-I lspat Limired by lbllorving
necessary accounling policies.
Any revah:ation increase arising on the revaluation ofsuch land and land development, plant and machinery, Electrrc and
Gas Line Installation is recognized in other comprehensive inc:ome and accunrulated in r:quit), as revahration reserve, excr:pt
to the Bxtent that it reverses a revalnation etecreases lbr the same asset prer,iously reoognrzeel in profit or loss. 'in *,hich oase
the increase is credited to prolit or loss to the extent il the decrease previously expensecl. A decreasr. in the carryrng amourrt
arising on the revaluation ofsuch Land, building, plant and machinery, furniture, lixtures and equipments is recognized in
protit or loss to the extent that it excec:ds the oredit balanc,e- ifanv, held in the properties rer,alnation resene relating to a
previous re.,,aluation ol that asset.

3.03 Intrngihle Asscts

i) Recognition arrd rv-Ieasureurent
Intangible assets are measured at cost less accunrulated amortization and accumulatee{ impairment loss, if an1,. Intangible
asset is recognized \r'heil all the colrditiors lbr recognition as per IAS 38 Intangible assets are met. The cost ol'an iltalgible
asset cornpdses its put-chase price, iruport duties ald non-rehurdable taxes and anr. clir-ectlv attributable cost olpreparirlg the
asset for its ilteuclecl use.

ii) .{.nrortization
Amortization is recognized in the st&tenlcnt of profit or Ioss and other cromprehensive income on straight line method at the
rafc of 1096 per altnurn. Amortization is charged Dr an asset rl:lrel the irsset is al'ailable for use i.e. u.hen it is in the location
ancl condition necessau, for it to be capable ofoperating in the naruer iltentled by rnalagemelt. Arnorfizatiotr ofan asset
csases at ear-lier of the clale thal the asset is r:rlass.ifiecl as held fol sale ir accoxlance s,itlr IFRS -5 ancl the r:late tlrat the asset
is derecognised-
iii) Suhseqrreut Costs
Subsequent cost is oapitalized ort11'rvhett it incrcas*s the ltture ect)*c,mic l-.*relits embodier.i in the specificr as-{et to which it

reiates. AI1 other expenditures are recog.lized in prolit or loss and ott*r comprehensir.e ircome as iirr:urred.

3.0{ Capital Work-in-Progress

Capital w'ork-in-progress represents the !:ost inourred fbr acquisition and,ror construction ofproperty, plant and equipmenr
that were not ready for use at the end of 30 .lune 2021 and these are stated at cost.

3.05 Le*ses
At inception of an arrangement, the compalry determines r.uhether the arrangement is or contains a lease. At rnception or on
rsassesslll€nt ofatr atratrgeflrent that contairrs a lease. the er]tjty separates paylrefits and other considsration requitecl Lry the

arrangement into those fbr the lease antl those for other elements on the basis oftheir relative tair valnes.

Page 16 of Page 52
3.05.01 l-inance Lease
Leases in terms oi n{rich the company assumcs si:bslantiall1 all lhc risks and rc.r.vards oforrnership are elassitied as finance
leases. Llponinilial recog.litiort the leased assel is nreasuled al an anrorrlrt equal to the lower of its fail vahte ancl the present
value of the minimum lease payments. Subserluent to inrtial recognition. the asset is accorintcd tbr in acoordance lvith the

linance expense and the reduction of outstanding liabilitl,. The titancc. expensc is allocated to each year during the lease
terrl so as to prorhrce a corrstant rate of iltercst on the reuairring balance of the Iiabilitl,.
3.Ss.02 Operating Lease
Leases that are not finance lease are considered as operaling leases and the leased asssts are not recognised in the
Company's Statement of Financial Position. Payments made under operating leases are recognised in profit or loss on a
straight line hasis over the tern'r of Lhe lease.

3.r)s.03 Leasehold Assefs

Assets held un(ler Iinance leases are recognizerl as a-ssets of tlre conrpany at their fair l'alne at the date of acquisition or. il'
lorver, at the present r,alus of the nrininrul lease pa\,ments- 1he corresponcling liatrilitl,is included in the statement of
fi*ancial position as a finance lease obligation. Lease payments are apportioned tretrveen firalce costs and reduction ofthe
lease obligatiorl so as to achier,e a constarlt rate of iliterest olr Lhe re$aining lralalce of the liahi]itt,. Finance costs are
recogttized in the statement of profit or loss aud other comprehensir,e income.
Assets held under linance leases are depreciated or,er their expected uselul lives on thuq same basis as orwed assets.

3.06 Investmcnt
r. Inveslment in unquoted shares are initially recognized at cost. After initial recognition these are carried at cost less
imparrment losses. if any.
ii. ln\,estment in quoted shares are recognized at fair \,alue through other comprehcnsile income. Changes in fair lalue
are recognized under other comprehensil'e income in the hnancial statsments. Fair values of investment in quoted
shares are determined b\, reference to tlreir quoted price less cost to sale in actir,e market at the reporting ciate.
Divirlend ancl gail i(loss) fiom sale arc recognised in the proflt or loss.

3.07 Inventories
i) \ature of Inrentories
lnventories cornprise ofFinrshed goods. I{arv materials and Spares and other materials.
ii) !'aluatiou of Inventories
lnventones are measured at lorver of cost or net realizable value in aocordance rlith the Para of 21 and 25 of IAS 2
"lnventories" atter making due allorvance tbr any obsolete or slorl, mor,ing ilem and details ofl,aluation are as t'ollorvs.

f-'flt€Eory Valuation nrethotl

i) Raw nratedals Valued at Cost or Net Realisable Vahre u,hicher,er is loq,er.
ii) Finished goods Valued at Cost or Net Realisable Valtre r.r,hrchever is lor.ver.
iii) Spares and other materials Based or rveiglited average rrrethod.

3.08 Finaucial Instrurnents

A llnancial irstnulent is an.v contract that gil'es rise to a financial asset of one erltitv ancl a linancial lialrilitv or eqLritr
instrunlellt of ariotlrer enti1t,.
3.08.0t Iiinancial Asscts
The Conrpanl, ilitially lecognizes loans. receir,ables anrl deposits on the clate that they are originated. All other filancial
assets are recognized initiall,v on the clate at u,hich the companl, treconres a partY to the sofitractrnl provisions of the
instrumefit,
The Companl' derecognizes a hnancial asset rvhen lhe contractual rights to the oash Uorvs tiom the asset expires. or it
tran^st'ers the rights to receive the contractual cash tlo\\,s on the financial asset in a transaction in rvhrch suhstantially all the
risks and rer.vards oforvnership o1'the I'inancial assets are transi'erred.
Financral assets include Trade Receivables, Advances, Deposits and Prepayments, Short'lerm lnviistments. and Cash aild
cash equir.alents.

Loans and Rcceivables

Loats and receivables are financial assets \\'ith ['rxed or determinable payments that are not quoted ir-r an acti'r,e market. Such

loans antl receivables are nreasured at auortized cost.

Loans ancl receir,ables cornprise'cash aild casll equi\.alents. loarrs. trar.le receir.ables. antl .leposits.

a) Trade Receivahles
Trade receivables are imtially recognized at cost rvhich is the fair vaiue ofthe consideration given in return. After
initial recognition. these are c,arried at cost less inrpairment losses. if an1.'. due to un-collectability of any amoLrnl so
rec:ognized.

Page 17 of Page 52
 b) Advances, Deposits autl Prepayrneuts
Advances are initially measnred at cost. Atler initral recognition, advances are carried at cost less deduclions.
adjustments or charges t() other account heads such as Propertl,. Plant and Equipment. In\,entor), or Expenses.

Deposits are measured at pa],rrent \.&hre.

Prepal,nrenls are initia.ll.v nreasurerl at cost. After initial recognitioll, prepa-yruents are carliecl at cost less charges to
profit and loss.
e ) Cnsh and Clash Eqtrivalents
According to lAS-7 "Statement of Cash !'lor.vs " i":aslr compnses cash in hand and banli deposit and cash equivalents
are short term, highly liquid investments that are readily coru,ertible to knorvn amornts of cash and lvhich are subjec,t
to an insignificant risk of changes in value. IAS- l "Presentation oi Financial Statements" provides that cash arrd
cash equivalenl are not restricterl in use- Considering the provision of IAS 7 and IAS I . cash in hand and batk
balances har,e been consider-erl as cash aucl casli ecluir,alents.

Availahle-for-sale
Available-for-sale finan.cial assets are non-derivative {inancial assets that are desrgnated as available lor sale and are not
t-lassified in any other categories of tinancral assels. Generally availabie-for-sale financial &ssets are rccognized initialiy at
fair vatue plus anv directly attributable transaction costs and subsequent to initral rec.ognition at fair vaiue and changes
therein other than impairment losses are recogn.ized in other comprehensil,e income and presented in the tair r,aluc resen'e
in equi6,. Financial assets ilhich are not traded in the market hal,e been valued at cost unless any indication ofimpairmenl
in r,alue ofsuch filancial assets exist- Cunrulative gain/losses recoguizecl in tlre other comprehensive incotrre are reclassified
fi'om equity to profit or loss upon derecoguition or reclassification.

3.08.02 F-inancial Liabilities

The company initialli recognizes all linancial liabilities on the tradc date \\,h;oh is the date the .rorllpail!'becomes a part,v to
fhe confractual provisions of tlie inskument.
The company derecognises a ilnancial liability rvhen its conlractual ohligations are disc,harged. cancelled or expired.
The company classtfies non-derivative I'rnancial liabilities into the other financial liabilities categor\.. Such financial
liatrilities are recognized initiall], at fair r,alue less directly attributable transaction cost. Subsequent to initial recognition.
these {inancial liabilities are measured at amortized cost.
Other financial Habilities comprise loans and borrorvings, bankoverdralls and trade and other payables.

a) Trade and Other Pnlrbles

The compan-v recogrizes a fiuancial fiability *fierr its coltractual obligatious adsing fionr past e\,erlts ars cer1ain alld
the settleurenl of which is expected to result in an outflou, fionr the conlpally of resouLces enrlrody'ing econontic
benefits.
b) Intcrest-bcaring borron,ings
Interest-bearing borrorvings comprise loans and operational overdraft.

3.09 Inrpairnrent
3.09.01 Financirl Assefs
Financial assefs nof carried af fair r.alue through profit or loss, loarrs and receir.ables are assessecl at each reportirtg date to
deternritre rvlietlrer there is otrjective er,itlence that it is in4rairecl. A financial asset is iurpaired if otrjectire er,idence
indicates that a loss evenl has occurred afier the initial recognition oftlie asset, and that the l()ss event had a negative effect
on the eslimated f-uture cash t]ol.s of that asset that car be estirnatecl reliablr..

3.09.02 i\on-Financial Assets

The carrying amounts ofthe compan-"-'s non-llnancial assets. other than inventories and delerred tax assels are rer,ielved at
each reporting date to detelnline rvhether there is alr-v irrlication of inrpairment. If any such ildication exists. then the
recror,erable amount of the asset is estimated. Arr impaimrent loss is recognized if the r)arrying amount of an asset or its
related cash-generating unit (CCtl) exceeds its estinrated recoverable amount.

3.10 Share Capital

Paid-up-capital reprcsellts total zutorurl contributed tr_v the shareholders and Lronus shares issued trt, tlre compan-v to ilre
ordinary shareholders. Incxemental costs directly attr;butable to thc issue of ordinary shares are rer:ognized as expenses lls
and wher irrcirrrecl. Flolders of ordinarv shares are entitled to receir,e diviclends as cleclared from tinre to tiuie and are
entitled to vote at shareholders' meetings. In the event of a rvinding up ol the compauy. ordinary shareholders x,ill be rank
ailer all other shareholders. Creditors are fully entitled to an_v proceecls ofliquidation trefore all shareholders.

3.11 Enrployee Bene{its

The oompany rntriutains both defired contiibution plan and deiined benefit plan fbr its eligible pennauenf enrplol'ees.

Page 18 of Page 52
3.11.01 Defined Contrihution Plan (StaffProvitlend Fund)

lbr all eligible permailent eurplol,ees.

dated 07 July 2020 has been complied uith.

3.11.02 Delincd Bonefit Plan

'lhe companl'maintains an unfunded gratuity scheme. prolision in respect of rvhich is made annually for the emplovees
Gratuit.v pa1'atrle at tlre errd of each ),ear is clet$r'nlired on the trasis of follos,iug mlus arld regulatiolls ol'lhe compan1,.

Seryice Length Pavurent Basis

Less tlran 5 (File} years Nil anrounts
Alter completior of 5 (Fir,e) \'ears but upto l0 (Ten) Ilalftirles ollast nlorllh lrasic salary X years olservices
Above l0 (Ten) r,e;u's trut upto l5 (F'ifieen) t,cars LJne times ollasl molth hasiii salart'X vears olsen,ices
Ahor,e l5 (Filieen) vcars f)ne and halftimes oflast nronth basic salan, X lears ofsen iccs
Six months contmued service in the year of leaving or retirement u,ili be trailed as one year {br the purpose of oalculatron of
grattrin,.

3.r I.03 Workers' Profif Participation rnd \\Ielfare Furds

The conrpany contrilrutecl -596 ofnet profit to the aforeurentiouecl fiurcl iu accorclancc rvith the reqlLtirenrelt of Sectiou 234
(Kha), Chapter 15 of LabourLaw.2006 (.as amended irr 2022) arrd payable to tllese to ernployce and Bangladesh Sranik
Kallyan Foundation.

3.12 Taration
3.12.t1t Current Tax
Provision for taxation is calculated on the basis of applicabie corporate tax rate fbr publiolv traded compfrny as per ITA
201.i.
J.l 2.02 Deferred Tar
Def-erred tax liabilities are thc amourt ol income taxes pa.vable in tlre future periocis in respeet of taxable tcmporarl,
differences. Deferrecl ta\ assets are the a.urounl of income taxes lecoyerable in luttre peliods in respsct ol deductilrle
temporary difterences. Det-erred tax assets and Iiabilities arc recognized lbr thc tirture tax Lronse(luences ol tirning
diffelences arising betu,een tlre car'rying \,alues of assets. liabilities. income md expenditrre and their respectivs tax basss.
Delerred tax assets ancl liabilities are measnred using tax ratcs and tax la$.s that har,e beeu elai":tcd or substantially cnar:ted
at the statenlent of financial position date- The impact of changes on the account in rlef'erred tax assets aucl liabilities has
also been recognized in the profit aud loss aerrrount as pcr IAS-12 "lnoomc taxes'.
Tlte clof-erred ta-x asset/income or liabilitilerpeilse does ilot creats a legal Iiabilifl./recovcrabilit!'to atid iTorn the irtcome tar.

authoritl'.
3.13 Loans antl Borrorvings
Prilcipal arrouilt of the loans and bororr,ings are state{l at their orrtstan(ling amount. Bonow'ilgs repal,able lvithill tlveive
mouths Ilom the financial positiou (late arc classifed as crnrnt lialrilities s'heras borrorvings repar,ahle alier tr.r,eh'e
months froru the financial positiou date are classified as r.lor1-current liairilities- Accruecl iriterest and otlrcr clrarges are
classitled as current liabilities.
lnterest and olher costs ilcurred by the conrpauf in connectior rvith thc borros ing of hrnrls are recogllised as expense in tlre
year in rvhich they are incurred. urless such borrou,ing cost relates to acc'luisition I constructiorl ofassets it progress that are
capitalized as per IAS 23 "Borror.ving Costs". Borror.ving cost incurred against loan fbr Btr{RE project has been capitalisecl
unrier eft'ec,tive interest rate me{hod.

3.14 Provisions, Contingent Liabilities and Contingent Asstrts

A provision is recognized in the statement of financial position r.vhen the company has a legal or contractual obligation as a
result of a past event. it is prohalde that an outllorv of econonlic benefits r.r,ill be required 1cl settle the obligation and a
reliable estimate can be made of the amount of the obligation.
Contrngent liabilities are not recognized but disclosed, unless the possibility'ofan outtlorv ofei-.onomic resources is rcmote.

Lionlingent assets art not recognizcd trut clisclosecl rvhere an inflou ofcconouric trenefils is protralrle. \,Yhen the rcalization
ofincome is rrirtually certirin. then the related asset is not a contingerlt asset and ils rccognition is appropriate-

Page 19 of Page 52
 3.15 RevenueRteognition
Revenue is measured based on tl-re oonsideration sFecified in a cortracl \vith a customer. The Company recognises rcrenuc
rvhen it rans&rs control o\,ff a good or serlice to a oustomer. The lirllorr-ing tahle prol,ides inl'ormation ah$ut the natrre
ancl timing of the satisfaction o1'pet{'omrance otdigations il contracts u,ith custonrers.

Nature and timing of satisl'action of

Type af products Rtvenue recognitiou under IFRS 15
pertbrmance obligafions
Local sales Custonren obtain corltl'ol uf proclucts u,hen Rer.snue is recoguizecl 'irten (or as) tlre entilr'
Export sales goods are shipped out at tactorl,gate. lnvoic.es sfltisfies a perlbrntance olrligalion b.v translerling
mised as pcr n)a,]aserneut appror,ed price list the promisecl good or service to a custolller.
By Products
arc Ercncratctl at that point in time.

The conrpany is in the business of pror,icling trrl.S. Rillet anrl lt4.S. Rod. Rer,enue fi'onr contracts n'ith custourers is
recognised \uhen oontrol ofthe goods are translerred to the custofirer ilt an amount that reflects the consideration to rvhich
the Clofipany eq)ects to be entitled irr erchanse tor thosr.: goods. 'lh$ Corupaly has generally concluder"J thaf it is the
principal itr its revenue alrarlgements, hecause it typicallr, coutrols the goods Lrelore tlalslerriug thenr to the custonler.
Revenue from the sale of goods is measured at the fair r,alue o1'the consideration received or receir,able. net of Value
Added Tar (VA'f). Gross tunrol'er cornprises local sales of N,l. S. Billet, l\tl.S. Rod, By-protlucts, eryort of M.S. I{od and
includes VAll paid to the Government of Elar-rglaclesh.

a portion of the trarrsactioil price ileeds to be allocated. hr iletennirrirg tlre rarrsaction price fbr local sales, the Courpanl,
considers the eifects olvariable consideration payable to the customer.
-l'he
comparry has variable considerations included in the Liolllracts rvith customers rvhich are netted olfagainst the revenue
lo determine the transaction price. The variable L-onsrderations are pre-determined. f'he eflest ofvariable considerations ()n
revenue is onl1, frsn contracts lqith local customfls.

3.16 Other lnconre

Other incorne irrcludes gairr I (loss) oil sale ofpropert]', plailt aild elluiprnent, Gail ol sale of irves&nent in quofecl shares.
drvitlerrd and othdr nrisccllancous.
1.17 Finance Income and Cost
3.17.01 Finance Incorrre
Irtferesf incorne on bank deposits arld lom to rolated conrpalies is recognised in the profit or loss in accnral basis lblloting
specific rate ofinterest ir agreenrent rvilh banks. ilnancial institution and related companies.
3.17.{t2 Finartce Cosf
lnterest expenses cornprisss interest expense on operational or,erdratl, I-ATR te.rm loan and short term borro'lvings incurred
during the period are charged to Statement ofProfit or Loss and Other Comprehensive lncome.

3,17.03 Transactions in Foreign Cumencies

Foreign currenc). trailsactions are recorcled at tlle applicable rates of e.xchange ruling on the elafe of transactions. N{onetar1.
assets and liabiiities. if an1,. dgn6rrirated in foreign currencies at the reportrng date are translated at the applicahle rates of
erchalge ruling af fhat dafe and the relirfed exchange clif-lerences are recogpized as gain or loss in fhe profif or loss under
hnance cost.

3.18 E*rrrings Per Share

The courpan-v calculates its eanl'lgs per share il accordance s.ith Iutenratiolal Accounting Stantlartl iAS-33 "Earlilgs per
Shar-e" u,hich has Lreen rctrrorterl trn the face of Statenlent oif')rofit or [-oss artl Other Couryr'eheusive Incorle.

3. I 8.0 I Basis of Earnings

This represents proljt for the year attritrutahle to ordinarl, sharelrolclers- -r\s there \\,ere no preference shares rcqurring returns
or dividends, non-controlling mterest or extra ordinary iten-rs. the net proht after tax tbr the year has been considered as
firlly attributabie to the ordinary shareholders.

3.18,02 Basic Earnings Per Sharc

year.

3.18.03 Dilutetl E*rnings Per Share

Diluted earnings per share is reqnired to be calculateci fbr the ycar r.vhen there is sc:ope ibr clilution exists.

Page 20 of Page 52
3.18.04 Re-stated Earnings Per Share
Issne ofbonus sharc. in any year requires re-stating the EPS ofthe prior year. [n suc:h a case. the EPS calculation lor those
and any prior finanoial statements presented are based on the ne$,nurber of shares.

3.I9 lleasurement of Fair Values

!\rhet neasuring the lair r.alue of al asset ot'liability. tlre entity uses nrartst obset '-alrle data as thr as possilrle. Fair valttes

ar-e categorizecl into clifferent levels in a fair r.alue hierarcliv basecl oll the inpruts used in the valualiott tecllriqrtes as follorvs.
Ler,el I: Quoted prices {unadjusted) in arrtive markets fbr identir:al assets ald liabilities.
Ler,el 2: llputs other than cluoted prices inclutled in l-evel I that arc observable fbr the asset or liabilitv, either direc:tl]' (i.e.
Ler,el 3: inputs fbr the assets or Iiabilities that are not basetl on observable nrarkel tiata.
Iftlie inputs usetl to measure tlre Iair r,alue ofan asset or liatrilitl rrright be categorizecl in <lilferent levels ofilre fair lalue
hierarchy as tlre lo*'est level input that is significant to ths entire nleastuell]eltt.
Pro;rert1', PIant and Eguipment
Thc. tair value of items of prt4:erty, planl and equil.rment has been delermincd based on the depreciated replacemenl c:tlst

nrethod and net realizable value metlrotl as applicable.

Equity and Dcbt Securities

Fair values oliladatrle equity,and <iebt securities are dete.rnrinecl try refr:rence to their quoted closirtg price iti active nrarket
at the reporting date r,r.hich are categorized under 'Level l' ofthe lair value hietarchy.

1.20 Er,cnls after the Reporting Period

Er,ents afler the repofiing periotl that pror,icle adclitional ilforntation about tlte cotttpanv's posltion at lhe clate ofStatement
of Financjal Position or dlose tlrat inclicate the goilg corL:em asslrnlption is not appropriate are rellected in the Financial
Statements. Events atier the reporting period that are not adjusting events are disciosec'l in the notes r.r'hen material.

Page 21 of PaBe 52
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 5.00 Le*se
5.01 As a Lessee
5.01.tl1 Right of [,rse Assets

At 0l Jull' 2021 40.910.000 154,980.i:m0 I 95.91 0.000

Additions during tlre l,ear I 3.{180.001 18.81t.-i85
Disposals/ad.justmelrt during the vear
At 30 ,Iune 2022 66,661,384 r68,060,001 234,721,J85

At 0I July 2022 ri6.66l .384 168.06{j.{}11 I 1lJ7li lxs

r\dditions during the year ::,13.+.07_l 20.2 l2.rl00 .1? 1-16 ilTl
Disposal Jad]ustrnent dr,rrine the vear
At 30 June 2023 88,',795,457 I88,272,001 217,fi61 ,458

A]\{ORTISATION
Ar 0I Julv 2021 18.6r 1"706 21.6i5.511
Chtrrge during the lear 6.866.49-5 38.709.04S 45.5 7-s"54i
Disposzrlsiadjustrlent d uring the vear
At 30 ,Iune 2022 25,478,201 60,344,559 85.822,760

At01 July2022 25.478.201 60.144,559 8-5,822.760

Charge during the \,ear 22.055.610 3 7.3 88.994 59.444.604
Disposalsladjustment durin g the year
At 30 .Iune 2023 47,s33,8 I 1 97,733,553 145,767,:364

CARIT!'ING AtrIOTINT
At J0 June 2022 ___g=!_t$E_ It)1,775,442 148.S98,625
At 3{} Junr 2023 41,261,646 I 31,800,094

:::.:
Note{s)

5.01.02 Lease liabilities

Opening balance I 50,726,59+ r 53,3?6,825
Lease obl igations 29,i 77.4-r 3 34 2.76.21.)ti
Paid during the 1,ear 5.01.05 (4 I .6r:3. 103 ) (3{t.876,43 I )
138,440,92iI 150,726,594

5,01,03 Finance Lease Obligatiou - I'Iaturitl.analt'sis

Due rvithin ol1e year 1.2.i6
50.u0 4 1.{i 9.167 1

Due after one year 88-419.678 109.701 .].21

_____]iryIry1 ______EgJl!i2t
5,{}1,t}4 Anrounts recognised in pro{it or loss
lntcrest on lc;'sr lrubrlrues 5.01.0s r 4.03 r .3 8: I 5.56b, I 36
14,031,382 I 5,566,1 36

5.01.05 Amount recogniserl in the statsments of cask flolr,s

Principal paid on lease liabilities 5.0L02 4 t.663. I 0l 16.876.41 l
lnteresr pairi on lease liabjlities 5.01.04 14,01I,i82 I -5.566. li6
5-r,694,485 52,442,567

?age 74 of Page 52
 30 Jirne 2022
-l'aka
5.$1.06 Allocation of Depreciation of ROli Asset
Factory overhead 26.02 53.500.1 44 4 1.017.989
Administrative expenses 27.$0 1 q71 1ir) 2.1'78.7't7
Selling and distribution expeilses 28.*$ 2.1)72.23L\ 7.718;717
s9J44,604 45,575,543
6.0t| Capitalt.ork-in-pr{rgress
Opening halance 3,2't I,t' 16,r98 1,497,760,${13
Cost inc:urred during the r,ear 1.,564,246,568 1 .81 6.6t)8.7t):
4,805,262,766 3,3 r 4,368,705
Capitalizetl during the 1,ear 1.02 1.449) (73.3 52.507 )
Closing balanr:t' 4.563J41.317 ____1;{.,0$J2!_

7.0* Intaugihle asscts

Solllvare 7.Al 1.',166.944 2.161 .899
1.766,944 67,S99

7.01 lntangihle assets schcdule

Cost
0pening halanee 4,0$!),550 2,950,475
Addition during the 1-ear I l)\L) r)7\
Closing balance 4,009,550 1J)0r"i50
Ace unrulatetl amortization
0pening halancc 1,8,11,651 1,.r49,521
Chargr:d during the vear 27.00 4Cio.9-5,i j92.1 i0
Closing balnnre 2,242,6$6 I ,841 ,651
C-'arrf ing amount 1,7{'6,914 2,167,89,

8.00 lnr.estments
ln\,estment in Un-quoted eqLlity-at cost 8.01 64.500.t100 64.500.00u
Iil\.esrntent in quoted shares - at fhir value 8.02 104.797.886 107.498.290
169,297,886 171,998,29$
8.01 Investment in [1n-quoted equit]-at cost
GPH Steels Limrted l.{t00.000 1.000.000
Star Aliied Venture Linrited (ii.500.000 6i.500,000
6{,500,000 6{.500,800

Yet to start its commercial operation till the date olstatement olFinancial l,osition.

8.02 [nvestmcnt in quoted shares - at fair value

flpening balance 107,498,2!)0 98,{'49,188
Purchases during the yeer 8.$2.0t I8i.544.882
107,498.290 281,59{.070
Sales during the year I 81.142.9 I 7
Gain on sale ofshares 8,89i, I l 2
Net charrge in lair vali"re oll inr,estment in tluoted slrares 8.02.01 (2,700,404) ( 1,845.e7:i)
104.79?,886 t 07,'198.290

Page 25 of Page 52
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 Note(s)
3{} Junr 2023 30 Junc ?{122
II
9.00 Sh0rt teril iftvesfueut
Irl,esl,1r€nts in Fixed Deposit Receipts (FDR) 9.{}l 2.403.554.551 2.224.065.981

?-403.!l1fit ?,224,06s,e81

June 2013 30 Jung ?02tr

9.01 Ptrrpose 'furure
Taklr ,,:,, ,Taka
,{B Bank Lirnitcd Lietr against T(a1rr Loan 6ll \{onths (i.509f 95.664,881 9 1.1]8 1.7t6
Barrk Asia l.irnired Lien agrirst Overdrati 1 2 \torths 6.00,It 59.474. I I l 8.808.81-l
TJRAC Bank L.inrited Lr'C i\{argin I2 \lorrths ?.009i - 7.50 t(0.-ilr9.-18? 76.768.(i6?
Durch Bangla Barrk Lirnited I-.rC \largin tl \lonths ,i.000,'o - .1.509,; 96.-t.r0.079 122.i50..i5.1
IPDC Finance Linited Lien agar'nst Tenn Loan I 2-60 \'lonths 6.509.b - 7 009.; 16,070,593 tt qfq stf
Islarri Bank Ilangladesh Lirrired LIC \,largirr I \,lonth 3. t09i, 1 04,324,869 I 00.94i1.933
.lamuna Bank Limiterl L/C \4argit 3 \,Iorths 4.009i I qli 511 51,639.t19
lv{ercantile Baill< Limited Lr'C Nlargin -i-12 -Uonths 4.25.16 - 4.75,!6 1i1 lJl Jll l 262 6r2 443
MiellandB*nk Limited BG N,largin -l-ll \lonths 6.50.ti, - 7.2591; 1)l I15 titT 3.1.871. I l0
lvlodhunoti Bank Limited Lien agpinst Overdmft 3-11 \lonths 4.0011t, 85.1 t5.298 71.595.997
\,{trtual Trxst Bark Ltnited I I-.,C li{argin 6- l 2 \lontlrs 4.000/0 - 6.000.i 154.773;t24 9.1.8 I1.58 I

NCC Baltk Lirlited LIC lr,largirr 3-6 ll{onths 6.5091i - 6.75'rt I ?4.984.74-l t47.647..18i
NRts Conurercial Bark Liurited Lien agaiirst L)ver tl aft l2 llonths 6.509i, 54..t89,364 51,812,917
One Bttrk Liurited l.iC \largin 6-12 \tonths 4.00 - 6.509.'; 1 0, I 37,64?
Pubali Bank Lirnited LiC \largin 6 \,lonths 6.509.1, tlq 1)o i ?11 ?08,;166. I 9.1
SBAC Bank Limited Lr'C Nlargin -l- I 2 \{ontlrs 6.00.tb 98.r 89,55r) 52.393.397
Southeast Bftnk Limited I-,,C \,larg,n j- l.l \{onths 4.0096 I 16.80 I .775 83. i 76.887
Standarrl Chartererl Bank Lie[ agairst Overdrzft 00 Nloflths 0.00,16 t:r4.177.829 l-13_925.217
State Bank of lndia tsG \targin 1l \'lorths ,r.501); 1.E08.2 I I ).'7 Jt .0).1
The Citl Bank l-inrited LIC \,fargin 3 Nlonths 2.50C,t 40,118.998 95. i69.+7.1
'l'rust LiC l{argil (r.009t - 6.509li
Bank Lirnited 3-6 N{on1hs r 4 I ,7i6.398 I 83,0tJ8.388
United Commercial Bank Lirnited L,'C llingin 3-2.1 N{olths 3.7-i9i, - 4.-s09,11 lst 6',tt _I',i l9t ,56 1 .j.18

Lttara Bank Limited LiC \targin .l \lonlhs 0 009b 1-1 j1? il()r)

Tot*l 2,401,ssd,55r 2,22,1,065,981

10,00 .,l,dr,nnces, tleposits and prepftyments

Advances 10.01 I ili q?l ql_l 6,073,1 I ,0S r

Deposits 10.02 l)1q6q1lq r 02,64.1,1 l0

Prcpa}l[ents 1.0.03 )) 1L) i0? I 6.633.508
6,192,398J19

IO.OI Advances
Against ircome tax 10.01.01 r..1it6.940.t I I 1.288.t:l 1.870
Againsl VAT 1$.0t.02 4.882.-19.1 8.0:.i.088
Against VAT cunent account 476.448 476.448
Against land 7J?.400.000 7i7.400.000
Agairst LC t.499.+08.67.1 1.956.49 I .470
,{gairst other suppl}' :1.8i4.8:17.0:12 1.047.6+6.40?
Against raB rnaterial supph, I _i.897.904 I 1.098.6 l s
Againsl ernployees 8.079.:18:l :1.85.i.18:l
8,525,9?1,9.14 2I,081

I0.01.01 Advnnce income tax

Opening balance 1,288,1 J1,870 91 5,488,651
Addition during the 1,ear 24.00 806..17 t..i8s 7 I 6.177.882
Paid/adjusted during the ],ear ?{.00 t707.561. I 44) (-14-1.6-14.(i65 )

t,386,940,1 I I 1,?88,t 3t,870

10.0I.0? .{d\,ance V.{'I

Opening balancr 8,023,$88 397.540.982
Additirm during the year I i)?.s? I .867 l 66.9t8.015

Paidi'adjusted drtring the vear ( 106.t 1,2.562) (5 56.44i.9 I 9)

4,882,393 8,023,088

?age 27 of PaEe 5?
1t1.02 Deposits
Bangladesh Porrer Deveiopment Board I 00.000.00r1 80,000.000
Kamaphuli Gas Distribution Cornpan], Limited )1511 1tg I I .738.586
Securitr, to Shipping Lines 117.000 805.544
Bangladesh Raihval,
l?3.969.Jr 9 I 02,644.1 30

10.0J Prepa-Ymerts
Insrnance premiun I 4.2 I 2.307 1 6.613.5l)8
Bangladesh Stanriards anri Testirlg Insiitulion 8,0s0.000
?2,X6?,307 I 6.6J3.508

1t).0r1 'l'he directors consider that ail the above adyances, deposits and prepalments are cither adjustable or recoverabie in kind or in cash and that no provision
alFinst those arc trquircd at this stalie.

l l.(10 Irrventories
Finished goods u.01 6,2,19,10:i,309 I ill 1.]1 liL)
Ralv [utedels tl.02 6,567,1 0?,6n8 5,017.001.570
Spares and other uuterials 11.03 q,889,014,t36 3,rt1S,594,997
_____1&2it41l!_ -___ll'e72t!222!_
t1.01 Finishcd Goods
!Ll. S. Rod 26.00 5.625,611,94!t 3,922.974.399
Nl. S. Biller 26.00 613,490.365 i,611,117,960
6,?39,103,309 7,534,192,359

I 1.02 Rarv &laterials

l\.'telting Scrap 6,329, I 96,9 t6 3,595.316,t60
Sponge hon 30,6 18,342 i6,.118,029
Lirue 24.110.004 1IS,l18,4t-.1
Dolornite 31,557.77 I i40,097,1 l8
Chemicals l?f70t6l\ 560,391.427
(]uartz Powder t,712,00 t 1,766,695
Pet Coke t6.s99,019 i43.864.728
26.01 6,567,107,688 s,017,002,57(,

I 1.03 Sprres and othcr matcrinls

Refiactorl' Bricks 1..108.595.7(;7 958.-104..i9:1
Spares anrl Consunables :.94(i..129.80q l.{J92.591.016
Rolls ?9.9(r1.877 78..t41.ta.11
Craphite Electrode 5 19.i.i?.991 ?85.8 I 8.840
Copper l,lurld Tube .14.581.691 l.i..ti7.89?
26.01 -1,889,014,116 3,428,594,997

I2.00 'l'rade and other receivables

Trade reccivables 12.01 6,318,562-409 5.010.039.818
0ther receivable 12.tjl 506"402,06I ,156,010,438
6.8X.4.964,47* 5,466,050.256

12.(ll Agcing of tratle rectilnbles

L)uesrvithin 6 r'lonths 6.f18.949.90{1 4.911.714,491
l)ues over 6 lnonths !}9,612.50-1 98,325,321

_____gitg€qc!2_ ___!€l_q{i2fi!_
12-02 Other rereivable
Otlrer receir,able 504.960.107 ,156.()l ().,l.lE
Be[gal Coulnercial Bank Liurited {Stinrulus Frnrd} l. I 00.457
Stlte Bank ollndia (Stiruulus Fund) :141,-197

_____!n6Jq?-0!L 456,0 10,.138

good and recoverable.Therefore no doubtlirl debt provision against receivabie are required.

I 2.0.I Interest at I {}l'ri per amum has been charged or outstandirg balatrce of ot}rer receivable from ,,\rbee Textiles Ltd.

13.00 Cash and cash equil'aleuts

Cash iu lrand 13.01 i lR6 iqq 3.546.093
Cash at bank 13.02 165,17/.,t15 .l.l 1,196._i8 j
3?0"56rsjl J.rJs.rrJ?s

13.01 Cashinh**d
Dltaka otfice pclLt cash t.608.940 1.378.tq1
I'-actoN peLtt' €ash - ll- I.959,990 799,504)
Faclol1 petttr cash - (IEAF t,7 t7,669 1,368.t46
5,286,599 3,5{6,093

Page 28 of Page 52
13,0? Cash at llank

.*tctouht.T:yp--d
::
AB Bank Linrited (:-ttishan Crfierrt 45.2?r] '15.910
All Bank Limited Sitakunr{a Cnrent 41 ,3 0,5 58_91 8
,{.R Bank Limired Khatu*gorj Cnrent 3.3 I 2.1 3&
,\grani Bank Limited .\sadgonj Curert I0t).1 I2 146.461
,\grani Bank Limited Principal Cunert 1.850 I I.478
Al-Araihh Islami Bank L,nlrted Jutrilee Road Curent 1 7,209,293 6,728,994
,\l-Araiah islami Bank Lirrrited Khanmgonj arifienl 57.279 14 328
Bangladesh Developlnent Bank Limited Khatungonj Cil[ert l.2l I I,?31
Bank -{l Falah l.ilniled ,{crahad Current Ii.45:l i 5,86?
Bank Asia [-imited Anderkilla Cilnenl 2 r.445 872,035
Bank Asia Limited Banani Crirert l4l 8.1,13
B,\SIC Bank Limited Asadgorj Clrrent I 06.460 10,281
Bengal Comn:ercial Bank Lirnited Culshan L- rrrerl .11.798 13,3?8
Bengal Commerr:iai Bank Limiled ,\grabad Crrnernt 8,805 9,,i9s
BRAC Bank Lirrited ,{grahad C-urcn{ I 0.000

Comrwritl' Bank Bangladesh l-imited ,{,grabad Cuneni s7.482

Dhaka IJank I.inr,led Khatrlngonj Ctrnent 607.689
Dutch Bangla Bank Limited Khatungonj Curent 6.05,J.481) 2,892.296
Dutch Bangla Ilank Limited ,{,giabad Cunent 1.068.102
F,astem Bank I.imited ,{.grabad Crrrrert 26. I 58 30,033
LXIi\'l Bark l.irDiled Khattnrgonj Cuftnt t.258,751) I,.l?.{.-i{r3
I:irst Securit) lslnrni Bank Limited Khanrngorj Curert I .265.619 509 ?7,1
First Securiry' Islami Ilank Limited (iulshan Ctrrrent 8.557
HSBC ,\grabad Currert 2.9'.10
IFIC Bank Limited Khatungonj Current .J.no.J.o /; 4.902,971
Islami Bank Bangladesh I-imited Khaningonj Cunent I 7.56r). I 75 I I liR 177
Jamrula Balr-li Lirnited Khatungonj Crirent 5.8?.1.567 3,87 1.356
Janata Barlk LiDited Khatrlngonj Crrrrerl 4.t+8,911 1,4 I r,341
Nlercantile Bnak Limited Khatmgorrj Curenl 42.194
ivleglma Bank l-imited ,{grabad Curent 94.606 42 1,340
N,Iidlard Bank Limited Agrabad Crrnent 7l6,l8l 3?,360
lr,fodhurnoti Banl I-imited ,\grabad CUrrent l8.l I4 34.9,{2
lUodhuruoti Bank Limited O.R Nizanr Road Currnrt 1:.556 I 05,1 47
N,[utual Trust Bank Linrited Kliatungunj Cun ent I f?e tot 895.41{i
National Banl Limited ,,\ntlerkilla ('unert t.8ii4.05? 2.1 83.96?
Nalional llalrk L.imiled .fubilee Road (--unent 1.9?0 ,1,300
NCC Bark Limited Khatrnrgoirj L'rlrrent 1,599 87 ,',J 47
NRB Bank Limited Agrabad L-uneIt 2?.2)e 11,9i,(t
NRB Comnercial Bank Limiled Agrabad Currenl 2. t0:1.?47 r I 1i 1r)7
One Bank Limited Kharringo:rj (.-rrrrent I I.8?:1.835 5'1.658,58,1
Prerrier Balrk Lirrited Khatringronj Crlrrent t0.0?7.1irl 34
l']remier tsank Linlited O.R Nizam Road Cunent I 3,416 I 4,1 06
Prime Bauk Limited I(lralrmgonj Curent t.i 5 1.480 1,630,076
Prime Bank Limited O.R Nizarn Road Cnrrent 153,1 I 9 I 64,969
Pubali Bank Limited Principal Cnrent -r,968
Pubali Bank Limited Khatungonj Current d !tg1 ?1s
Rnpali Uank l-imited Laldighi Curent 9_r6.:t:i5
Shaha.jalal Islami Bank Liinited (irlshan CuIrn1 I Sl( 3,s50
Shnhajalal lslami Bank Limited Khatrngonj Cunr*1 2.754.fl1 1 1,278.983
Shimanto Bank LirnitEd Agrabad Crnent 9?0.410 2,396,20.+
Social Islami Bank Limited Khatrmgonj (-lrrenl 1.560.771 1,01 5,642
Social lsiarni Bank Limited Kal'ran Bazar CuIe]rl 5.8ii? '7
,117
Sonali Barrk I.imited Khaturrgonj Current 1.3?,1.5ii; 3,465.843
Sonali Rank Lim,ted lr,{orijheel F. Er. (lun enl l.{i4t.l4l I 75.448
So|tlr Bangia Agricultural Bank Lirnited Agrabad Cureot 1.7+9 28.341
South Bangia Agricultural Bank l-im,ted Khalungonj Ctirrent -r.85i.631 '7,392

Sautheasl Bank Limited Khanmgonj Crrrent 25.1 16.348 I 0,367. I 97

Standard Bank Limited Kharungonj (lurrent 2.599,! 96 485.240
Standard Bank Limited .qgrabad Current ) )<l l<, 519.111
State Balik of India Jubilee Road ('urelil I3.4ti8 26.810
The Ciry Ban-li Limited Khatungorj Cllrrirl 72,88-l 10.-i95. I r5
Trrrst Bank Lirnited .\shulia Crn$rl 619 96,1
Tmst Bank Lirrited CD.\ .\venue Cunrnt 2,101 250.t176.r)87
I lnited Comnrerciai Banli I imited Khalungonj Curenl 2.0?.1.708
United CotrDrercial Bank i,imited Grilshan Cufelrt 4.19.1.446 34.913.1 7_i
United Comrnercial Bank Limited Khanugonj Escrol 109.4-i 5..189 II 676
Sub-total 259,1,97,843 4?1,905,r 9?

Page 29 of PBge 5l
 Llnited Cornmercial Bsnk Lirnited Khatungorrj Escrorv 97,4-16,2 ti 28.594
L,nited Cornmercial BaRk Lirnited Khanrngor! FC 2,r148,191 ,i+4.477
Lhrion llank Lilnited Khatungorj Cu[enl t.l I 1,140 +.494.+70
Llttara Rank Lirnited Khiltungon-) Curent 44,1 89 t2.1.30+
lltlara Bank Limited Laldighi Cun.ent 43.991 -1.12-1.?00
l,lttara Bailk Lirnited L{i r0l! [ l Cunont 4:r.488
AII Bank l.imhed Khanurgonj LIST] 60.082 49.748
AB Bank Lirnited Khaturgonj GT]P li\lA I 2.842

.AB Bar& Lirrited Khanurgoni Sr'L) I 0.?66 -1.9-r5.210

\[uttral Trusl Bark Litnitetl Khaturgori Sn'I) 1.09.1
Slanelard Chartereil Bank ,{grahad SN-D .t.499.906 1,808.1 7tr
Standard Charleretl Bank Agratrad SND 896.785 .1.010.866
Standartl Chafiered Bank .,\grabad SNI, l.l t 0.741 I .: I 5.+l tt
Llniterl Conunercial Bank l,ilnitcd Sitakurxla SND 881
Sub-totfll I05,97&452 LrJrl-3.q.,
Total 36s,276335 441,296,585

14.00 Sharc capital

,{uthorizrd Capital
1.000.000.000 Ordinarl, ghn1s5 6;Tk l0 each l{r,000,0t}0,000 10,000,000,000

Issned, subscribeti and paid*p Copital

lE,-r,$xG]
I00.000 t)rdinary Shares ofTk. l0 each as at l7 \,fa] 2006 I,000,000 1.000,000
I,100.000 L)rdinarl. Shares ofTk. 10 each as at 28 Septelnber 2t108 I 1.000.000 I 1.000.0{.}0
17.000 Ordinary Shares ofTk. l0 each iis at 2,l .lanuary 2010 i 7t),000 I 70,000

16.418.60t1 Ordinary,Shares oll-k. I0 each as at 28 April 1010 364.:86,000 364.286.000

I 2..li4-400 Ordinary Shares olTk. I 0 each as ar 28 April 201 0 I 23.544,000 I 11.544.000

:0.000-0t)0 Ordinan, Shares ol Tk. I 0 each as al 20 Alrgust l0 I I 200.000.000 100.01)0.000

20.000.000 Ordinary Shares olTk. 1 0 each issued through IPO 07 NIarch 201 2 200,000.000 200.000.000
I 8.t100.000 Ordinary Shares olTk. 1 0 each as at I 3 Nol,enrber 20 I 2 I 80,000,000 I 80.000.i|00
10.800.000 Ordinan'Shares of l'k. I0 each as ar 09 novembEr20l3 I 08,000.000 I (,i8.000.000
5.'j10.t)00 Ordinan,Shares ofTk. I0 each as al I0 \ovember 2014 59.400,00r) 59.400.000
187.1 I0.000 Richts Sharesol'1'k. l0 each as rt 01 June ?016 1.87 1 .1 00.000 r.871.t00.000
15.591.500 Ordinan Shares ofl'k. I0 each asat l0 Decenrber 2017 I 5i.925,000 1 55.9?5.r)0u
-12.744.250 Ordinary Shares ofTk. I0 each asat l9.lanuan,2til9 127,412.s00 -127.44?.500
I 8,009.-l-i7 Ordinarv Shares of Tk. I 0 each as at 16 December 201 9 I 80,093,370 180.09:r.l?0
I 8.909.804 Ordinary Shares of Tk. 1 0 each as at ? I
l)ecember 2020 I 89,098.010 I89,098.040
19.7 I 0.589 Ordinary Shares of Tk. 10 each as at 20 December 202 I 1q? li)i Jtr)o 397. I 05.890
24,024,907 Ordinary Shares ofTk. 10 each as at ?8 December 202? 240,219,070
__169.!l1J!L __lg!!lLlJlll_ d,368J641800

14,lll Positionofshare

\li. lr,Iohamnred Alam 2'1.58',1i; 1.08ri.527.570 23.589; 1.029.88:r.960

lr{r. l\{d. Abdur Rouf 3.009,; I 18.152.+r)0 3.009,; I I 1.04.1.9.1i|
i\{r. \,Id. Alarngir Kabir 4.1r I'/6 2t I .7:4.0:10 4.8 1 o,; I10.I64.!l(;0
Ntr. Ntohanrnred Ahras Shirlrl 10.831r; 498.879,070 1 0.8316 472.87t.t60
N Ir. lr Ierlramnad Ashrafirzarran 3.00?; I 18.152.400 3.i)00,6 I I I .044.91t)
lrlr. NId. ,{btlul Ahacl ?.40'l/; I t0.(itll,9l0 I 04.835.95i)
irlr. lr{d. Azizul Ilaque Raju 92. I 68.:60 2.00')6 87.:16:1,180
General Slrareholders _50.389 ) l)) nne ))ar 5l).:t8')6 !.r0!.!t.i.!.r0
TOl'Al, 100% ' 4"608 {tll$?0 t$$v" 4.t68.16.t.800

I-1.02 (lassificfllion ofshares bv hoklins

f srat',)filxr;ffirc-l
Less than 500 7.81? 1.589.449 0.,r41rt 0.371rii
i0r)-5.000 I 2.124 2i|.484.681 4.459.i, 1.89"-..i,
5_00 I -t 0.rt00 I.912 t?.9'J 5,993 ?.61,"i
I 0.00 I -20.000 1.206 I5,830,:j04 :j.44?i, 2.8396
t0.001-30.000 193 9.290.535 1.7 50/,
:]0.001-+0.000 167 5.7ii t,20?
40.00 I -50.000 97 4,2',t t.77 I 0_s30,i L 10",."
50.001-t00.r)00 7t4 t4.150.524 :i.070,i ?.96%
i0t),001-t.000.000 t73 +3,1 7 r.41? 9.:i79.i 9.9s",.,o
AboYe I,()00.000 ll-r.3?5.496 72.31?t
TOTAL ___________!lJ5i_ ___g!dqi!z_ 1001,r, 100%

Page 30 of Page 52
 15.0(l Share Premium
Slrare Prerriurrr 1.1.i6.440,000 1, I 16,440,000
I,r36,,140,000 I,136,44t1,00{J
[6"00 Revalrratir]nReserve
Opening Balance 3,850,t32,682 3,916,698,1 57
Ilelalrralion Reserve increase dluiilg the ]ear 4.0s I4,837,808,326
18.687,9,1I,008 3,91 6,698,1 57
Excess Depreciation charged on relaluation translbr 1o Retaineti Eanrings I7.00 (79.S43.r t4) ( 85.890,936J
Delbned Tax on Excess Depreciation flhargetl 20.00 I 7.964,70 [ t9,3 l5,rl6 I
Del-ened Tax on Relahraliorr 20.00 {2.997.446,722)
Closing Balance 1s,628,615,$73 3,850,132,682

17.00 Rrtained Earnings

Opening Bahnce 3,22 I,570,1 57 2,832,720,+60
Nst Pr0fit 1'or the Year 167.6 1 I ,051 1.494,276.433
I'ralsler fiorl relaluatitu surplus due to exha deprecialion charged 0n l{elahration 16.00 79,S.{3,t 14 85.890,936
t.569.024,32.1 -t.4t2.887,829
Stock Dir,idend (240.249.0?0) (397.r05.890)
Cash Diriderd (]-10,249.064 ] {794,21 r,78r)
ClosinA Ralancr 3,221,s70, rsl

18.00 Long Term Loan

Tem Loal I S.02 1.6s4,4s0.684 I 89.6+5.957
Long Tem Financing Facilitl- I 8.03 4..r I 8.85.r.01 8 ,1. t:7,?ti.l90
Slndicali0r lenn Loan I 8.$4 8.66 1.9+7.:28 9,7 t2,654.558
ECA Backed Finance I 8.05 7.749.926.484 7.76.r.099..ri+
NorrBanking Financial Institutions 1Li,6 802.?16.687 1.057,1 80.+3.i
Loan From Directors 18.07 r.07,1.8! 1.6t0 1.07-1.81I .620
24,261,725,721 1a q)a l)1 ) t)

I 8.01 Long Teror l-rrrD - i|l,lafurity atral].sis

Due withiu one year 2,2 I 6,83?,848
Due after one year ?2.04.1.892.873 20 648 3_i I I t9
tl,261,',r25,121

18.02 Trrrn Loan

One tsank Liuritetl i78.714.1 74
Pubali Barrk Lirnired I.l,15.826.510 189,6.t5..r57
fnrst Bsnk Limited L19.900.000
1,65,{,,t50,684 189,6.15,957

18.02.01 'ferms of Long Term Lonn Faeiliq'

S€curit!':
i) Post dated Cheqres coveriug lirll cttdit t cility.
Personal Ctramntee of btr. hlohanrnred Jahangir Alanr & Coryomte Glflmntee of Jahangir & Others Limited and GPH Pouer Gellemtiotl
ii)
Li,Iited.
iii) Personai Cuarantee ofall sponsor director oIGPH Ispat Lirnited.
Charge over insurance benefit (Assignrnent) in falor ollhe tenl loan lenders as per theil respectiYe pafiicipation and derraDd plornisso[,note
rY)
along rritlr the lener ofconlinrrilr'.
First Prrority F ired and F loatrng Hypothecation Charli€ on the assels acquired out of bank finance to be created lvith RISC and the vehicle rvill
.,,
' ' rlso bc rccistercd Ir lllts il3rre oI CPI I Iif,rl Lil]liled.
vi) 2nd rankiig lixed and tloating dlarge over all assets (present and trtore) ofGPI{ Ispat Limited in Pari passu basis.

vii) An inevocable general porvcr of attornev to self dre hypotlrccflted *ssets notarized with rhe Notary Public of Battgladesh.
Rate of Interest:
lnterest rate is 9.009'o per annm and will be calculated on quafierll basis anrl rariable deperdirrg on Ihe sillation olmone)'rrarkcl.

18.03 Lotrg Term Financing Facilit].

Eastenr Bank Lirritr:d 57 5,400,442 550,53.1.709
l\,lutilal Trust BaBk Li$ited 1138,850.444 4 18,495.5{r7
NL-C Batrk Limited r ti? r)ri i17 1 ,1 08,830.27 I
One Bank Linrted I 76.1 116.826 i 67.S7 1.1 62
Pubali Bank Limited 879.749, l 47 831 .97',7 .717
Southeast Bank Lirnited 2 19,440,060 209.266,578
l-lnited CoDtrrercial Bank l-inrited 87 t.3.10,561 831,649,286
;l,l 18,851,0 18 4,121,72i,290

Page 31 of Page 52
18.03.01 Tenus of Long Temr Financing Fa€ility

Lcndersr
The company entered into a long tem financing facility to silpport the setting up a 840,000 lr,l.Ton pr amum lvI.S. Bill€t plart and 64i1,000 N'L Toa per

"lead ananger" and 6 (Six) othtr lmal Banks.

Totfll l$an fncilitiesl

Tlre long tem financing facility comprises LISD 44-? tnillion.

Inter6t rrte:
Margin 4.?59,i, + 6 rnonths LIBOR

Interest payable:
hrrerest is payable quarterly (30th Seplember. 3 l sI December" -l l st lvlarch and -10th .hme) frorn the date of l st drarurdortn.

Distrursement:
First Disbursment of USD on l3 L'ebruary 2019.

Rep*ymentsi
Prircipal amount rnder the USD teffi loan lhcility shall be repaid in 32 (thifiy nvo) equal quterly installments. Repalment from the end ol 27th month oithe
date of 1 st drawrdolrn the thcilities agreemmt and will end ou the I 2{}th rnonth atd the balance amount, if any shall be paid in last instalhnenl

Securities:
i) N{ortgage ol28 acre Land dull,registered uith RJSC.
ii) First ranking parlpassu charge rsgistered lvith RJSC over all tixed and iioating assets ofthe Company.
iii) Charge over lnsurauce Beftelit (assilirtrrlert] i{r lavor ofthe temr loan lerrder as psr their rcspecdle patticipatiot.
iY) Personal Guarant€e ofall the Directors olthe Compalty.
v) Demand Promissory' [ote alorg with the Ietter of cortildt]. 1ionl the Company with supporting Board R€solution.
vi) One Post dated cheque coved{lg full Cretlit facilitl is to be taker in advatrce.
.., Personal Gualatrtee of NIr. I{ohanuued Jahangir Alanr & Corporate Gr[rantee ol .Iahargi- & Others Liruited and GPH Por{er Ceneration
vrrj..
l lmtteo
.

Purpose:
To procure plants, machineries, eq.liFmeflt arrd prelabricaled builcling and steel structures relatirg to the projecr and to meet civil construction and other
erpenses reqrired lbr inlplernentation of steel rnelting piant.
3!llJiiiu 1{J2'} ,3{ Junr?0.??
ilinlg{,{} ,' ?rkr.: l
.'::: : Tiki '

I8.04 Syndieation Term Loln

AB Batrk l.inlited 85,3 1 7,103 97,324,13 7

Agrani Banli Limited I,018,t +6.782 l, t 03.t)76.1 6i)

BASIC Bank Limited 229,335,857 )f 7 I77 i1)

Bengal Comrrercial Bank Limited t91,464.9S? 351.247.97t,

Bangladesh Inti-astructure Finarlce Fund Litilited 856,996,7 17 910,249.1 75

Community Bant Bangladesh Lirnited 292.590.57 I 350.798.8?8

Dutch BaLrgla Ba*k Liurited 381,490.-s33 438.7 I 7,803

,Iamuna Bank Limited 87.151.182 99,603.i;49

Janata Bauk Limited 1,042,86?.435 t.108.052,692

lr{ercantile Benk Limited 571.8?0.162 659.i7?.698

N.{idland Bank Linited 393.9t 7,672 45 1,130.694

NRB Bank Limited I 51.589,930 175.:r99.422

NRB Cormnercial Bank Llmited 382,576,1 99 439,001,550

One Bank Limited 80.870.412 92,6r)5.700

Pubali Eank Liniterl i?? ?s{ ?? i 630,.i63,806

SQnali Bank Lirnited 854.85?,s96 9li,l 18.89i

Southeast B{nk l.imited 65,1 62,653 fd iil 177

The City Bank Lirniled 62.il 5.109 69.68i,290

United CDrlilflerrial Ba[k l.inrited 720,709,085 8_(6.773.285

Llttara Bank Limited 5l+,6 I 9.797 6t+,?04.693

Totd 8,66t,9{7,228 9,7t2,65.1,551t

Page 32 of Page 52
18.04,01 Terms of Syndiute term Loan F*cility
Lenders:

anancet" and 1 9 (nineteer) Financial Institution & other local banks.

Totrl lorn fncilities:

The svndication linancing comprises EDT. 9968 nillion orll ltrr inplenrenaation of the steel melting plaur.

Interest retr:
BDT 31i ,Innr 20lJ
GoYemmcnt Barlkirlg Ilrstjtutirxr\ 9.00,)i
Non-golemrnenl Banking Institutiurs 9.00,1.r1

Inter=st payable:
Irterestispayablequarterll'(30thSeptember,3IstDecember-3Ist\{nrchandl0thJrurellromthedateol lstdraNndoNr.

Disbursement:
First I)isbursment 0lBDT rnade on -i I \,Iarch l0I 8.

Rcpayments:

tlrarvndorvn and llre balance anrount, ilany shall be paid il Iast installnrent.

Seeurities:

nmchi[eries.
i) l,Iorlgage oi-17 acre I-and duly registered with RJSC.
ii) First ranlii[g pari-passu charge registered Nith R.ISC over al] fixed anrl floating ass€ls oflh€ Cornpanl,.
iii) Charge over Insurance Benelit (assignment) in layor ofthe temr loan lender as per lheir respeclile paticipation.
ir') Persoral Guarantee ofall tlre Directors ofthe Llompanr,.
\,iDemand Prornissory note along with the letter olcontr'Duit) fiom the CoilpanY xith supporting Board Resolution
vi) flne Post .iated chetlue covering full C.redit lacilit-v., is to be taken i il adrance.
vii) Cloryorate Cuarantee ofJahalgir'.t Others Ltd and GPH Porver Generatior Ltcl.
Purpose:

expenses reqnired for implementatio! olsteel rnelti!g plant.

2422

18.05 ECA Backed F'ilrree

ODDO BHF Aktiengesellschaft. Gernranl' 7,749,926,484 7,763,099.354
?,?49,926,48,1 7,763,099,35{

I 8.05.01 Terurs of ECA Breked Financc bonrrvings

Lertders:

at \tasjiddah, Kunltz, Sitaktrnda, Chattogarn and nunaged an ECA lracked finance fi'orn ODDO BHF Aktie[ge.sellschatt, Getltran]'.

Total lo*n farilities:

Tlre syrdication linancing comprises of USD 94.84 nrillion onll'.

lftterest rate:
ODDO BHF Aktiengesellschall, Cenrany h{argin ].659'; + 6 nronths LIIJOR

lnterest pryahlei
Intercst is payable half l'early {30tt} Apdl and 31 October) fianr rhe date ol l st dmwndown

I)isbursement:
First Disbursment rnade on 09 Auliust 2017

Repayments:

shall bs paid in last instalhnent.

Page 3] of Page 52
 Securities:

ilIrlongage of28 acre Land duly registered u,ith R.ISC

ii;
First ranking pari-passu charge registered rvith R.lSfi over all fixed and floating assets oftbe Cornpany.
iii) Charge over Insurance Benefit (assignlrcnt) in fayor ofthe tenn Ioail lender ffs per tlreir respe*ir,e panrcrprtion.
iv) Personal Guarantee ol all the Directors ofthe C:ompan),.
v) Denand Promissory note along uith the letter of continuitt, iiom the Conrpany uith supporling Boarri Resolution
vi) One Postdated cheque coverr'ng lull Credit iacilitl,is to be taken irr adriince.
vii) Personal Crarantee of \fr. \,Iohamm€d .lahairgil r\ianr ct (iorporate &rarastee of.lahangir ct Others t-inrited and CPH Porver Cenerarion
Lirnited.

Purpose:

expeuse.s r-equired ior iurplemerrtatio[ olsteel nleltirg ]llant.

18.06 ir-on-Bankirrg Fin*ncial Itrsfifutions

IPDC' Finance I-inlited 543.100,040 73 t,99t,639
tlnited Finanre Linited 1iq ilr 6.117 325, I S8.79.1
802,726,687 I,057,180,433

Securitl' :
i) Post dated cheques
ii) FDR lien Tk 30 rEillion against loan frorn IPDC Finance Lirnited
iii) PersonalGuaranteeofDirectors

Rate of Interest:

18.07 Loan !'rom Directon

\{r.
lv{oharnmed Jahangir,\llrn 7)1 5)5 I15 7t:1.515. I ?5
lrlr. \,[oharruned Almas Shirnul i.5q.196.{!! 350.296.495
!q73,q?1,610 1,!j]&1,6]9
19.00 Defined Benelit Obligation (Cratuity)
0pening Balance 65,079,334 s0,51 7,r 25
Provision nrade during the )iear )1 1t' <14 i 7,0c3. I 25
87,806,871 67,6I 0,250
Paid during tlre year ( 1,520,6(13) (2,530,9 r 6)
Closirg lrfllan€e 86,286,208 6i,079,33.1

20.00 Delcrred tar liallilitv

Detbntd tax liability has been calculated belolv at thc applicable tax rate or the tenrporarl differuce bet$eel the carrl,ing value a[d tax basc.

Opening Balance r,234,?61J41 682,192,tJ1.6

Provided/{adjusted) during the ycar
Taxableildeductible) temporary diiference ofPPE (excluding Land !t Land Derelopment) I 67,562.0-i7 574,105.897
lntarlgible asset (90,21 s) I 50,062
Pror,ision ibr Grahrity t4.77 t.51't\ (1.27r,.497)
Investment ln quoled shares ( 170.057 )
,62,d.30,2t8 570,99,1,876

On rcvaluatior rcserve 16.00 ) qqf J-16 7f)

Adjusnnent for inq)act ofdepreciation on revahatiou reserle 16.00 (17,964,701 ) ( 19,3?s,461 )
Closing Brlnnee ____lil6!1,69q_ 1,234,261,441

20.01 Rsoneiliation of

(Exept
37. i2-s.400.778 I 7,71 6,43 r,587 32.,509; 1 9,408.969.r er 4,-i67.0t 8.068
Land Developfllerlt)
Rilillt ol use asset I 31,800,094 21._s09; 131,800,094 )q aii nl I
Irtar4il]le asset 1,766,944 2?._s09i, 1,766,944 tq7 i/,r
Pror.ision tbr garuiry. (86,286,208) 22.s09; (86,286,108i ( 19.4 r4,397)
Invcstnlerlt iil quoted sharrs r 04,797,886 rtg,6.IJ,;29 I0.009i, { l4.8ls_743) i l-+82i?'l)
1,3&J?trqq0

Propertl,, plarrt and eq(ipmlart Land &

[,and De\.eloprnent)
21.277, i 6,5,266 I 8.872,1 57.087 22.5011i 5,105.008, t 79 1,2 I 6. r 26.8,10

Right olrise asset I 48,898.625 1,i8.898.625 31.502. I 9 r

lntangible asset ?,1 67,899 22.,i01)1, 2,1 ri?.899 1&7 .',77J

Pror,ision tbr gralilit), i65,079,334) 12.50116 (65,079.334 I ( 14.612,Iis0)
investment ir quoted shares I07,498.290 I I 9.{r2]t.163 I0.00:tr (t2.I]s.17]) (1.212,5ri)
u]4?,91,441

Page 34 of Page 52
21.00 Short ternr hormrvirrgs
l-oan alsinst 'lrust Receipt (l-A]'R) 21.01 467,260,971 1_13,S63,02_i

Iirle ioan 2l.02 I4..101.978,581 9.90 l. I 46.59?

Bank overdrali and cash credit ? l.ti3 _s.078,898,863 ?,876.496,1191
Accepted Bill For Pa,unent ? 1.04 10,t80,178,315 10,670,885.540
30.030,3r6,737 23,882,191,653
21.01 Loan againsl Trust Rcceipt (LATR)
,{B Banli Limited 1,374,001 '17.159,595

l\'lidland Bank Linrited 1 1 1,129,060

NRR Bank Lirnited I1.462.10.1 -r.0-1t. t6 t
One Bank Limited I 97,?,11,381
Preurier Bank Liruited
I\bali Bank Lirnited 60.593.tr65
South Barlgla Agfculture & Conrnerce Bank LiDited 9,420,.t49
'fhe City Bank L:itrdted 269.113.71)7
Trust Bank Limited i 40.tj5-1.410 R 76q 115
461,26{t,977 {33,863,02s

21.02 'l'inre loau

Al-fuafah Islami Bank Lirrited 207,684. I4 l 201,328.926
Bank Asia limited t.005.905.961 I.4S7.854.588
Bengal Conulercial Bstrk Lirnited 101,t37,509
BR{C BmkLiilired 1 .1 80.1 s3.558 7ii0.1 56.494
Duch Bangla Bank Lirnited ,199.598,082 I ,?38.22 1.84r)

Easterr llank I.irrrired 95,s.04 2,506 7dq 1?a\ itg

Islarni llark Bangladesh Lirnited 799.909.541 I t5.67 1.875
N,Ieglua Bank Lirlited .136,686,229 4,19,6 I 3.348
N4ercantile Bank Lttrited 50i.61 5,938 230.467.481
Nlidland Bank Limited gJ 0ig 5r, I l 90.97 I .0tl
NRB BaDk Linrited f?1 1 to 10i 703,740, I 24
One Bmk Limitetl 448.286.903 1 88.359.59?
Puhali Bank I irnired I24.-557.884 64, I 37.614
Sta[dard Bank Limited 301,798,337 to) qs I 1Rq

Standard Chartered Bank 501.888.4.1 I 4l 5.098.499

Stare Bank ol- lndia I2 I ,21 5.000
The Cit1. Bank Lirnited f I \7 ono 1if t,523.066,34 1

Trust Bank Limited l. I 10.264.629 t.0-i5.9t 8,268

United Conillercial Bank Limited 2.98 t.?66,3?6 I1l loo1il
14,3i1J,978,58? 9,901.146,597

21.03 Bank overdraft and cash eredif

AB Bank Limited 3.930 28.909.605
Agrani Banl Limited I,436.222,64i1 1t7,8,+8.09?
Bar& Asia Limited 60 olc]itt 2,433_854
Basic Bank Lirnited 49.188,7 I 9 42.878.t 3l
BRAC Bar*t Limited 99,999.655 85,_53?.989
Conununifi, Bank Bangladesh Lirnited 191.603,116 t 13.755,989
Eastem Bank Lirnited 98.-r I 8.648 &6.424.9 I 5

N{eglila Bank Linited ?6,1 35,758 I 8.769.735

N,lercmtile Batrk Ltnited 197.(r5.1.850 1,r,046.66i
tutidland Bank l.imited | 5 i.'t77,6i2 I 22.729.0!r6
N{odlrtrnoti Bank Limited 401,597,94_i 39i,906,620
NCC Bank Limited 20:].998.646 I 57.6?0,(160
NRB Bank Limited 33 1,568

Premier Bank Lirlited I 55,577,581 I iql tgs

Pubali Bank Limited 53.461._i29
Sonali Bank Lirnited 1.039,53 I,955 778,515,418
Sorrth Bangla Agrictrhure & Commerce Bank Lrrnired 101.4.96,19-1 95,980.t45
Standard Chartered Bank I 9.520,674 I 33. r 74,686
hdia
State Bank of 170,35 7,996 399, t04.06 I
The Ci*'Bank Lirnit€d +4. I I 8.083 +t.-r?7.002
Trust Bmk Limited 10t,013.9,50 58,97,1.629
t.hrited Conunertial Bank l.iurited 1 t4,805.685 73,067,t0 I
Littara Bank Limited r 48,470,r 8 I
5,0?8,S9&,863 2,876,{96,49r

Page 35 of Page 52
 30

2t.t)4 Accepted Bill for Pryment (ABP)

AB Banh Limited (i2 1,432.543
Ai-,\ra'i'ali Islami Bank Lirrited I 72.878,000 219.058,4'16
Bank Asia Limited ] 9(r-73;{,69? 3? I.,187..i,13
BR {C Bant Limiled 4 I 6,97r1,749 528.539,1 53
Diltch Bangla Bank Limited 258,184.693 1.06?.?09.25?
Eastem Bank Limited 867,361,926 659.6114,.17 T

lslami Banl Bmgladesh Lirnited i.99,943,693 392.29,i,605

Janruna Bank Limited 125,1 86,567
\'lercantile Bank l-.imited I. I 62,833,U34 70,i.o09,9.15
lvlidland Bmk Limited 202, I 48,930 9,i.i8Ii.279
]\,lodhurnoti llank Lirnited I 4,845.9,17
N,lutual Trust Bar*( Limited 353,61 9,0s9
NCC tsanl Limited 421,378,084 304,'165,6.i3
One Bank l-imited 325.792.933 ?1 7,866,2 i6
Prbali Ba*k Limited 1,?00,429_989 820,,159,70?
Sortlr Bangla Agriculture ct Comlerce Banl Lirnired 1 67.68.1.662
Sourheast Bmk Limited 291,033,5,t0 440.7 79.016
Stmdard Bmk Limited ? I 6.982.051

Standard Chartered Bank

jas 1)R 1q1 23 7,601,320
The City Batk Limited (i9 I .1 52,3 l I _527.574.721
Trust Bark Limited 387,595,843 586.0,r5.523
United Cornmercial Bank Limited r ,249.3?2,87:l 1.669.603.811
Uttara Bank Limited 53:.427.597
10,180,i78,]t5 I0,670,885,540

21.05 Terms ofSlrort term borrorvings

Securit_y
i) Post dated cheqres
ii) Personal grarantee ofall the sporsor directors
iii) Registered rnortgage ofland
iv) Pari-passu I st charge on iioating assets

Ratc ol Irterest:
lnterest rale is 8.(i0% to 9 00'lb pcr annuD r\rtli quafierly basis.

22.00 Creditors *nd rcrruBls

Fol Re\.er{rc Expeilses 22.rll 4{i9, I 98.789 .t.,17.61,1.470

For Othcr Firrance ,, fl) t 9.1.90i,(.)8.1 145, I {it.65i

For Sulpiies 61 1,1 1 i,9l I 710.8{15.49 t

GPLI Power Genemtioo Ltnited 6011.(142 887 74i.161.467

Adr,mce Agairrst Sales 1is o7n rtl 134.464,?tir
Workers' Profi t Participation Fund 22.$3 65,074.i50 _ 146.-i97.i26

22.01 Rcvenur Erpenscs

----14!2d1!{.
Salary Palable --];!59!$L
81.378,5?0 76.081.5i5
,\rrdit Fec Irayable 575.0(i0 i75.000
Lhilhy Bill Pal,able 376,721.? +2 167.880.895
Prorider* Funrl 2?.01.$l 8.148.477 l.Et 1.06t)
Directerrs' Remrneralion Pavabls 1.275.000 l.l7s.c00
469,r98,789 +47,623,470

22.{11.(lI ['rclident Fund

f)pening Balanrr 1.8I 1.060 I,513,.13.]
,,\dditior durirg the vear _).r.977.548 ))i)ql tii
2s,788,608 24,5$4,588
Ilaid druing the year (l?.540.i,1i) (,2,1.6e.1.s2u
fllosing tlalan.r 8,243,477 l.8t I,06t1

22.02 Other Iinanr:e

Tnx Deducled at Soruce Iravable -r7.500.1 l6 _16"Ii88.80i1
\rAT i)educled at Source -l 1.595.05 5 .i+.:9:.0tii
Sales VAT Payahle I 14.760. I +: 74,1 -1,1. l:0
Lllpaid Ref,rnd Warrart 48.6?0 48.670
I 91,903.983 1 45,161,655
??.0J \Yorker:' ProlitPat1icipation Fund
0ptning Balance 1.16,397,326 I I 1,698.531
Addition during the lear q.5.0i{.310 q!.tzl?!
2t I,17 t,616 258.09-i.857
Paid drring the lear ( 1-1tr.397,31(r) (ill.{r9li,5jl)
filosing bahnce 65.074,350 146,397,32{t

PaBe 36 of Page 52
23.00 UnrlaimcdDividcnd
Opening Balance J,r 82,9t 2 4.9s4,063
Dividend Declared during the year 2,10,2.19,06,t 7 94,21 t,7 87

Paitl drring the t,eiu i240.11 7,958) (79s.982.93,1)

Closing Balance 3,214,018 3,182,912

The Company has transfered an amouilt ofTk. 55],533 For the period ended 10.Iune ?019 to Capital Market Stabilization Fnnd as per notification no -
BSECICMRRCD/2021-39t/20lAdmint121 dated 01 Jsne 202l to futfill its rcquilenrent to t!"nsfelred tlE ulclaimed diyidend tlut remain unpaid for 03
(Three) years or more

23.0I l'mr nise details of unclaimed dividend

For year ended on

l:ilil,:;l:;:il
3l.lrnre202l (Final)
,,*,,, lilii;
1.737,722
<<t <ll

).042.:1sl
ll June 20?2 (Iinal) 888,147
3,21 4,0I 8 3,182,912

2{,00 Current tax liabilitl'

Opening Balanee 720,853,956 348,210,739
Pruvision nude during rhe lear ?4.02 806,3 7 1 ,i85 7I 6.277,882
r,527.225.14 I I,064_+88.6t I

Paidladlusted during the !,ear I0.01.0.1 (707,563,1 44) (343,634,665 )

Closing balancc 8'.t9,662,197 720,853,956

24.0I Yenr rvisr incom€ trr lssrssment strtus is as tbllo\rs:

Arcourting A,,!f._SiEr!!rJ Opening Pruldiil drrilrrg .rldjqlslqd {lurin$ '' ::':,::, :
l ,B{la$e$
l'eaf:,: '
,''::-lrtar:: ::: balancc :::1heVaaI:::::: , ', the.'Jata,
to 201 5-2016
201 6-201 7 2017-2018 I 11.0.11.009 I 79.1 91.873 (r06.819,95r1 18,1.-i81.931 ,\ssessment completed

2017-20 r ri 201 8-201 9 1 83.382.931 I 69.979.ri06 ( 1 77,1 86,5 75 ) I 16,1 76,1 6? Assessrnent in Appeal (Secontl)

201 8-20 I 9 2019-lf_)10 l?6. t76.161 248.877.69i i'170.551.518) 25r1,i01.-1-17 ,\ssessrnent in Appeal (Second)

2019-202r1 1020-?021 15,1.501.337 8,1.72 I .754 (248.733.0ts) 90,,{90.06{r Assessrnenf iil Appeal (Sectxrd)
90.490.066 i4t.61+.665 ( 85.9 I l.es?) -148.210.7J9 ,\ssessmenl in Appeal (Second)

20? t -2012 2012-?023 3.18.21 0.?39 7 1 6.?77,881 (3-1i.6-14.665 ) 720,853,956 Assessuertl urder process

102,1-2024 ?20.85i.956 806.-r71.-i85 (707.563. r 44) 81 9.6(;2.1 97 Rr:tunr due b) 1 5th ianuary 2014

Rirte ,'
rirr':. T'rlrt Trt!
24.02 Reconciliatiotr of effective tax rate
Profit heforc tax I .216.41 1.6i5 1.781.s49.191
Total inc0me taf, expense 65.22,U, ,906,371,385 15.75"1 716,217,882

F*ctrrs rffectins the tax chnrse:

Tar using the applicaLrle rate )? <oo,: 278"192"847 625,848,56,8

Dift'errnce betrveen accsriotiIg and tisca] deprrciation - t2.091,f ( 149,,i07,121) - 19.9596 (554,892,207)
'3.27{r,497
L)iffere:rce trels'een gratuil1, provision and paynenl 0.19_'/, 4,771.5'47
Differerrce betwwr regular Lax atd ruirlirruur taK uis i irl:1iC.1 of ITA-
5_s.8896 69t),923,4?0 22.891)6 636,637,434
202-i
Ditl"ererlce betlveer WPPF atrd \Velltre Fund provision and palrlent -1.489'; (18,297,670) 0.281,i 7 Jt0? 11q
Capital gain on sale ofshares of listed companies lon the basis of
0.00?{, 0.0796 t.000.950
acflral cost)
Rebate otr gxporl sftl€s -0,029,6 i?o?,?58i -0.061,,.o (1,6t r,46s)
Arljrstment oftmrealizeLl Gain i {Loss) on sale olShares ir Listetl
0.0594 607,592 -0.06?; ( 1,5S5,606)
Conrpanies
,{djustrnent for reducerl rated tarable incorne -0.01-',6 (l r r.972) -0.049; ( t.?01,5 I 8)
65.22"1, 806,371,3S5 25.750 716.277,882

Page 17 of Page 52
25.00 Reyenuc
l.ocal Sales 25.01 58,7 r2,3 13,001 46.0S3,692.821
Export Sales 25.02 299, I 45,600 1.866,24 I,983
59,0rr,458,603 47,959,934,807
Value Added Tax (1 '767\ (1" i32,+09,850)
57,656,S92,836 _16,q?z,]4J57

25.0I [,ocal Sales

lvl.S. Rod 5 1.022.0.1ir.501 4().5 30.448.912
Itt.S. Billet 5.432.99 1.080 5.250.002.150
Cut Pieces I 27,16s, I 60 91,267,100
tuliss Roll and Ovel 32.446.714
Orygen. Nitrogen and Argon 129.914,260 187.92'1.5'12
58,712,313,003 46,$13,692,824

2s.02 E.rport Sales

lv{.S. Rod 291.-l 15.697 48.0 1 3.8ri7
N,{.S. Billet r.77 I.358.052
APC Dust 7,829,943 42,63i,969
Zinc 0xide 4,234,095
299,145,600 t,866,24I,983

26.00 f-'ost of goorls sold

Opening Finished goods
Iv{.S. Rod 11.0I I ql, q?J tqo l. r 63.895.266
IvLS. Billet 11.01 3.(r t 1.2 t7.960 t. r95.988.8 l0
7,534,192,359 1,359,884,076
Add: Cast ofProdurtion 26.01 48,40 1,439,598 43,652,7,s5,171
5s,93s,631,9s7 48,012,6t9,249
Less: Closing Finished goods
N{.S. Rod I1.01 -5,625,6 t2.944 1 0r1 o?J 10r)
It4.S. Billet i r.0t 3.611.217.960
613.1190,365
6,239,103,309 7,s31,192,359
49,696,528,648 40,478,446,890

26.01 Cost of Production

0prning Stock of:
Rarv Nlaterial 1 r.02 5.01 7.002,-570 1.971,91-5,412
Spare and Other rnaterials I r.03 3.428.594,997 1.71 I .365.847
8,445,597,567 5,705.281,279
Atld: I'urrhase
Raw Nlaterial .l t.97 I .9(r8,5 I .l t6.638,491,557
q ? 7Jt,l
Spare and Olher materials 2..+ 1.t.0 t6. B.+ 1

44,385,984,647 39"6tJ7,424,341
Less: Closing Stock of
Ra\t Material I1.02 6..567, 107"688 -5,017.002.-570
Spare ancl C)fher lraterials 1 I-$3 1.889.014. l]6 j.428.-59.1,997
II.,156.121.824 8.445.597,567
Ralv and Other i\,Iatcritls (lonsumed ,{1375.460,39t} 36.867,1 08,{}53
Add : b-actor1, overhead 7,6.{t2 ?.025.979,208 6.785.6-17.120
Cost ofProduction 48,40I,439,598 43,652,755,173

Page 38 of Page 52
 ,ili 1.lr'rritl:,':1, ;:' ::

..'r 30,Ju*e202J,]::

?6.$2 Factory overhead

Salaries, \\lages and Allorvalces 6+4,7 12.944 -s64,656,540
Orcrtime -13,0-50,6,53 36.040, I 01
Bonus 1,978,602
Depreciation 4.U0 I,123.406. I 44 1.267.779,635
Amortizalior on righl of use assets 5.00 53.500. r44 41.017.989
Carriage Inr.vard t8.2,1 t,684 r 7.067,3 84
Daily Labour Bill 6 r,l l 1.692 5 8.800.814
Electriciry'Bill 4,6I 9.(i_s6,888 4,410,900,484
Factorl,Canteen 28.945,7t 1 28,460,379
Fuel, Oil and Lubricant 17..548.000 14. I 60.149
Gas Bill 3 I 1.4-50.076 224..175.-502
{nsurance I9.!)t 4.025 21.058.443
Ivlobile. Telephofle arld htternet Charges 1.760.362 1.742.851
Loading and Unloading Expenses 26.540.826 )d A57 t' r

h4edical Expenses 6,57,806 I.350,368

Oxl,gen and I.P Gas L-harges 1,767,354 J 111 057
Repair and ll{aintena*ce I 9,457,08+ 1 8,773,344
Statf Unifirrm j,730.61 7 4"217"25-5
'Iestirg Expenses 1,124,212 l.{r99.8 I (r
Vehiclc Expenses 17.0{i9.22' 20.556.464
7,025,979-208 6,785-647.120

27.40 Administrative expenses

Directors' Remuneration I 9,782,000 17,895,000
Salan, and Allou,ances I 89" 1 89,361 144.99-5,449
Depreciatiol 4.00 62,41 1,,+-52 70,432.202
Anrortizafioil oll right ofuse assets 5.0$ ) 07? 11rr ') 119. 111
Amortization of Sof'hvare ?.01 400.955 392.1 30
Audit fee 871.000 1.092,500
BtS Certiticate Expenses 220.236
BO Account Expenses 90i) 1.050
Board lvleeting Expenses 786.353 69:,8q5
Bonus r 9"41 8,044 r 8,588,650
Electricity and Other Ufiliq, Expenses 4 1 .807.46 1 41.6i9.-5 1 7
Entertailnrent 1 5.757.800 r 1.479.309
Fees and Renerval (r.073,104 3.415.434
General lv{eetitg Expenses 4,17.300 258.500
Group lnsurance Premium 1.824.246 I, t36.715
Legal and Professional Fee I ?i) qn) 1 ls7 lnr)
lVledir:al Erpenses 401.487 1.1) qs{r
lvl iscellaneous lixpensers 1,469,685 1,457,3 I l
h,{obile, Telephone antl Internet Charges 1.498,493 j,891 ,4,s,5
Nervspaper anil Periotlicals ,t4"919 :i7"544
Office fuIairltenance 2.392.887 1.406.1 0l
Otfice Rent 4,032,000 4.140.0t)0
Irostage and Stamps 1.63 1,28{j 936,806
Recruitment Expenses I5 8,651 88.650
Rent. Rate & Taxes 212,100 703.196
Share Managcment Expenses 2,418. I 95 1,48 1. r 58
Solhl are & Data Connectir,it], Expelses 2+9,?25 6J r.-550
Stationert, and Printine Chargcs 1.32s,?62 2.224"05-5
Tlaining Fce 8!)lt.4l9 I 28.690
Travelling and Conveyance 8.3 r3.607 7.043.902
Vehicle Expenses l{.},07 t.554 ttr.07 t.986
400,362,t r 8 355,960,8 I 6

Page 39 of Page 52
 l--ll--.rtr-J-,*2oE--l
l i\ot('{sl'llll
J0 June 2022
28.00 Selling and distribution expenses | Trka I

I
-f
aka
Advcrtisement Erpenses 111 r)11 lt)i I 27,176,010
Carriage 0uhlartl ooo.gos,c;zs 467,323.6 r r

Sakul' and Allou'arces l2 I .51 9,923 82.540.444

Loading & Delivery Erpenses 54.677 .267 47.791.53 -l
Bonus il .9 16,23(r
q71{O11
Travelling and Conveyance l 8, I 86,274 I 1.70,5.6 l0
Commission on Sales 74.625.770 36,382, 1 50
Promotional Expenses 52, 1 23,1 27 56,770,4i6
I)epreciatiou 4.00 62.41 I .4,52 70,432,202
Anrortization on right of use assets 5.00 ) o71 ,)
1r) 2,278.777
Mat*etiug Collection Expenses I90.420 I 14.100
I -711 7 7^ lllt)ll?rii
Expclrt Expenses
Vehic-le Expenses v./{tl.l t / 6,2.14,005
lvfobile, Telephone and lnternet Charges ) i6) r)c)q 2,496,0,1 i
Postage and Stamps 697,570 4ta.2t'7
I,087,086,220 1,047,512,874

29.U0 Fi*aucc Cost

IflteESt on Bank [-oan 2.945.101.191 1.818,01 7.248
Bank Charge 25,161..190 1e.98 I .129
Loan Processing Fee 2"1,187.20i 20..102.l59
Foreign Currency Exchange (Gain)/Loss 2,325.074.4 l0 ?82,157,619
5.3r9,826,294 2,160,878.575

30,00 Finante income

Intelcst Earlled fionr FDR 95,267 ,67 4 (18.6 I2.095
Interest lnconie tionr SND Account I94.05{r 387.242
Interest hrcourc tiom Arbee Textiles Limited 48,0(r0.739 Jl t()7 lq]
113,522,469 I 12,396,730

31.00 Other income

Diyidend Income 4,478.890 1.675.t 70
PF Forfbihrred 3 1 1.904
Rebate on Export Sales 2.362.660 IO 7li0 7?J
Realised Gain(Loss) ou Sale of Shales in Listed L--onrpanies 8,891" I r2
7,575,38.1 32,661),96*

Page 40 of Page 52
32.00 Net Asset Value Per Share (NA\')
'fotal Assets 8(r,-183,720.069 64"886,746.876
Less: L,iabilities (6 I .92 l .724.1 -37i (52.-3 10.1-39,237)
Net Asset \ralue (n-A\r) 24,461,995,932 12,576,301,639
Number of ordinarl. shares outstanding cluring the ).ear 460,841,387 436,816,480
Net Assets Value (NA\') per slrare 53.08 28.79

33.00 Earnings per slrrre (EPS)

33.01 Basic Earnings per sharc
'Ihe cornposition ol Earniilgs pcr share (EPS) is sirel [']elort,

I'otal earnings attributable to the ordinarv shareholders 267.61 I .052 1.194.276.1,1j

Number of ordinarl, shares outstanding during the 1,ear 460,84 1.387 436.8 16.480
Weighted average number olordinary slrares outstandin-e dnrin-e the -vear 460.841.3lt7 436,8 1 6.480
Basic Earnings Per Share 0.58 3.42
Restated Earnings Per Share* 3.?4

'NEPS fol the year 0l .luly 2021 to -30 June 2022 has been restated based on the nerv rveighted avelage number of orclinary
sl*ues in accorclarce rvitlr para 64 of IAS 33.

Reason For Significant Deviation of EPS

Although net sales ancl operatilg plofit has been increasecl Lrut due to significant increase of larv materials price at
international market tbllor.ved by e'xchirnge loss in fbreign olrrrellc]r transacrtions EPS has bee'n deoreased by 83.04% thair
previous year.

5J.02 Diluted EPS

No diluted EPS r.r,as required to be calculaled {br the period since there was no scope for dilution olshare during the period
un,,ler rer ics.

33.03 The production capaciq,olthe conpanl'h:rs been gradualh, increasecl clue to conrpletion ofits expansion plant. as a resull
sales capacit.v has also been increased steadill. ll4rierh shor,lm positir.e impact in sales/rer.enue of the cornpany cornpared rvith
corresponding last 1,ear revenuelsales. The sales price per metric lon has also increased comparec{ rvith corresponding last
r ear salcs rale pcr mctric ton.

3.1.00 IYet operating cash flow' per sharL)

Net operating cash flo$'s (fi'onr statenrent ofcash ilorl,s) (969.55 1.094) (3. r 22.036.77?)
Nunrber ofordinan, sharss outstanding during the peliul 160.84 l._187 436.8 I 6.180
Nct opcrating cash I'lorr, prrr shlre (2.10) (7.1s)

Reason F-or Signilicant Ds'iation of fret Opcrafing Cash Florv Per Sharc
NOCFPS increaserl by 70.ii-i",''o frr:nr previous ),ear rlne to increase in pal,urenl receipt fnrnr customels l-k- 11.769.980,0i2
lr4rile palnrent nrade ior suppliers, ernplor,ees antl others Tk.7.098,815,318, fbreign c:urren!r), Ioss reeluire to pa1'atltlitionai
2,012,630,264 and Aclr,anoe income tax pal,ement increasecl by Tk. 476,t170,703. r,vhich result signiticant increase olNet
Opemting Cash Flou, per shrue to Tk (2- l0) than prer,ious f,i:ar T'k. (7.15).

Page 41 of Page 52
 30 .Iune'2023r 30.Iune 20?2
Note(s)
, , ,?etsrn:" , Per.soh
35.00 Numher of cmplol,ees
Emplolees drar.r.ing salarl,'Ik 3.000 or bclou. per lronfh
Flnrployees clrau,ing salary alror,c Tk 3.000 per nronth ).286 2,122
2,286 1 11'

30 J.1 2022
'TBka:
36.00 Related Notes for Statemcnts of Cash Florvs

36.01 Reconciliation ofcash florys from operating actir,itics

Profit betbre income tax 1,236.412,6_i_i 2,781,549,191

Adiusturent for
I)epreciation charged 4.00 1.248,229,048 I,408.6:t4,039
Amortization charged 7.01 400.9,55 iq? I t0
Arnortization on right ofuse asset 5.00 59.444.604 4-5,575.543
Finance Cost 29.00 2.994.75 1.884 1.878..120.936
Finance income 30.00 11 Ji i?? Jr\q\ (I 12.396.7i0)
Redised Gain/(Loss) on Sale of Shares in Listed Cornpanies 31.00 (8.893,1 r2)
Changes irr fair r.alne 8.02 2.7tlt),401 1"1J4,5,975
Dir,iclelcl Iucorle (net oltax) 31.00 (3.58i. r r i) (2,940.1 -i{r)
5,394,833,968 5,992,197,836
(Increaie)tlgcrease in Cument i\ssets
Aclr,ances. deposits ancl prepal,rnents 10.00 ( 2.381,087.305) ( r.358.650.780)
Inventories 1l.00 ( r .71 5.4-35.207) (5.9r4.624.571)
frade and other receivables 12.00 ( 1.358.914.2 14) (2.098,296.458 )

Increase/( decrease) in Cu rrent Lia[rilitr,

Defined tlenefit obligation - gratuit], 19.00 2 1.206.87.r 14.562.209
Creditors and accruals 22.00 rI ?'l q)J i?0\ 569.534.980
(r 66Jr0,40,r) {2,795,276,784)
Inconre tax paid (803.230.690) 759"988 )
Nct cash flolrs gener:tted hv operaling ncti\,itics {969 ,551,094) ___1U2103!{A

Page 42 of Page 52
 36,02 Notes for Strtement of Cash Flows

311 June.2S23
Notc(s) ji::.T6kir',

36.02.01 Re{eipts frorrr custorlers agairrst sales

Revenue 25.00 57,656.892.836 46,827,524.9,i7
Increase in Trade Receir.ables t2&?? ( t.?07-0 1 6.595i (:. l6-i.0-55.862)
Rebat on Export Sales 31.00 .r 1tr / tlht , l9 7 8L) 774
56.4s2,238,r01 44,682,258,869

36,02,02 P*id to suppliers, operating ard otler expenses

Cost of Sales 26.84 (49,596,528,648 ) ( 40,478,446,890 )
General &. Administrative Costs 27.00 (400,362. r 1 8l (355,960,8 I {r)
Selting & Distribution expenses 28,00 ( 1 ,087,086.220) (1.047.512.874)
Paiti to rvorkers parti.ripation and rvelfare iund 22.03 (I 46.397.1r6) {11r.698.51r)
Depreciation 4.00 I ?"1R r?q r)-1R i.408,644,039
Amortization of Soltrvare 7.01 400.95-i 19f r iil
lncrease in [nventories 11.00 ( I .71 s.43 s.207 ) (5,914,624,571)
Other receiVable 12.00 (50,19 I .623 ) (44. I I 5"772)
(Increase) / Decrease in Adr,ances, Deposits and Pre-
10.00 (2,3 84.087.30s) (r ,358,650.780)
pavmenls
Tax on dividend income 31.00 895,7 78 7l-5.034
Provision fbl gratuiq. 19.00 2l,,206.8',14 l 4.562,:09
Alnortization on right ofuse assel 5.00 59.444.604 l{ 57\ 5:ll
lncrease in Creditors and accruals 22.00 (111.0911!]] 645_71 0.906
(-54,294,20s,69 I ) (47,1 9s,390,373)

36.02.03 F-oreign currencl'exchange gair/(loss)

C'iainl(loss) o11 currerlc-\r tluctuation ?9.00 (1.12-s.074,410) (281 457,1 84)

( r3,038)
Cainlloss on Currency Flauctuation on Bank Balance
(t,325,087,448) {282.4s7.184)
36.02.0d Income from forfeited iccount
PF l:orfeitured 31.00 73 3.83r1 3 1 1,90'1
?33,834 3I1,904

36.02.05 Income tax pnid

Providetl r.lLrring fhe 1,err 24.00 (806.1 7 r .38s) (7 r 6.:77.s82)
lncrease(decrcase) in Advance incorne ta.\ 10.00 (98"808.14r ) (312..643 ).17 )
Increase/(decrcase) in Advance \iAT t0.00 3,1 40,695 389,517.89.+
(Increase)/decrease in curent tax liabilit1- 24.00 98.808.24 I J/-.OaJ.Jl /
(803,230,690i (326,7s9,988)

36.02,06 ,{cquisitiol of property, p}nut *nd equipment

Addition of properq,, plant antl etlurpnrent dunng the
4.00 (e46.05s.68S) (420.619.22 r',
year
Capitalized during the ),ear 6.00 2Q.021.441) 7f i51 507
Addition in capital rvork-in-progress 6.00 ( I ,564.246,s68) (1,8t6.608.702)
(2,268,280.807 ) (2,1 63,87s,.1 l6)

36.02.07 Acquisition of right of use asst't

,\ddition olright ofuse assrrt during the ),ear 5.00 (42,346,07_l) (18.811.38-i)
(42,346,r)73) (38,81 r,J8s)
36.02.08 Addifion to itttangible assets
Addition ofintangible assets during the 1-ear 7.00 ( I ,U59.07-5 ]}

(r,059,07s)

36,02,09 Investnrent in quoted slrares

InYestlnent in qLroted shares 8.02 2.700.404 { 9,.149. I 0l )

Gaiu on sale ol investr.nent in quotecl shares 8,02 s^893.1 I 2

Net change rn lnir value ol inr,estment irr rlLrofed shares 8.02 {2,700.404) ( l.s4-5,97,s)
(2,401,965)

Page 43 of Page 52
 3$ June 2023 f,O June 2022
Notc(s)
' :' 'Xakr . Taka

36.02.10 Dir,identl receil,ed (net oftax)

Dividenti Receir,ed 31.00 4,478,890 1675 t70
l-ess: Advancs'l'ax adjustmenl 31.t)0 ( 89i,778) {735.034)
3-ss3,1 12 2,940,136

36.02.1 t Reccived tioru other sources

lnterest Eanled tiorr FDR 30.00 QS aL1 6?rl 68.{i 11.095
Lrterest Inco,re tiom SND Accorxlt 30.00 1 94.056 3 87.241
9s.461,730 68,999.337

36.02.12 Othetinl,cstments
Short tenn investment 9.00 ( r 79.488.570) ( 79e.540.932)
Accrued Intercsl 30.00 48.060.7-1e 4i.197.19.1
(131,427,831 ) (7s6,1,lJ,s39)

36.02.13 Reteipt/(repaynlerrt) of loug term borr()r'ings 18.00 337,598,509 62..10.1.626

.]6.02.1.1 Receipt/(repavment) of fitr:rnce lease ohligltion 5.00 {12,285,610t (2,600,231 )

36.02,1 5 Receipt/(repaylnent) of short terru borrorvings 21.00 6,147,925,08d s,941.647,220

36.02.16 Divitleldpaid
Cash dividend declared
"t
disbursed 23.00 (140.249.064) (794.211.782)
lncreasel('dec.rease) in unclaimed dividend 23.$0 31 106 (r ,77r.rs1)
(?.10,2t7,95s) (79s,982,933)

36.O2.17 Interestpaid
lnterest oll Bank Loan 29.00 2.94,s.101.t91 1 .838.037.24 I
Bank Clharge 29.00 15. 6i,490 I I 9.981.12r)
Loan Processing Fee 29.00 ?l ln7 1nl .0 4{)r '\ iq
2,994,751,884 1,878,{20,9J6

16.02.18 Effect of foreign exchange rate chlnges in ctsh nnd

29.00 13,038 i4ss)
cash equivalent

30 J'rrnq3o22
.: l'I. Tnn

17.00 Chpacity and produclion

Pruduction Capacitl.'(In M- Ton) 37.01 1,840.000 1.840.000

,{ctual Procluction (ln N{. 1'on) 37.$2 I .l I 6.789 I I 99.960
"
Capacity l-lti I ization ('9i,) 71.56 65.22

37.0r Protluction Capacity (Ir M. Ton)

N4.S. Biller 1.0,5().0t)0 1.0,50.000
N,{.S. Rod 790,000 790.000
r,8{0,t}00 1,8{0,00t)

31.02 i\ctual Production (In M. Ton)

M S. Billet 7:5,587 680,9t7
lv{ S Rod iql 1il1 5 19,{)33
1,316-789 l.l 99,960

Page 44 of Page 52
38.00 Related P*rty Trans:rctious
During the period the Company carried out a nurnber of transactions \.vith related parties in the normal course ol business on an anrls' [ength
basis. Naures ofthose related parties. nature ofthose transactions and their total value have been set out ir1 accordance r,vith the provisions ol
tAS-24 : Related Partr- Disclosures.

l i Tre*srctious
llll ii i l:::iiii*l::;':'', .',l':.
l l'i

1 GPH Pou.er Generation Ltd. C-ornrnon Di rectorshi p Supply ofporver af a flat rate Cr 6r10.641.887 Cr. 745.362.467

1. Jahangir and Other Ltd. L-ornnrorr Dir ectorslr rp Head olllce rent Cr 508.527 Dr. 1 .879.208

3 GPH Steels l-,td. Inveslee I!r\iestnlent in equitv shares Dr. 1,000,000 Dr. 1.000,000

lnsruance Policv agailrst Letter

4 Asia Lrsurance Ltd. Clorlnron Directorship
of Crcdit
Cr 7.591,1 01 Cr. 46,442,134

Pal,nlerlt agai nst interesl

Arbee Textiies Ltd. Comuron Directorship
bearing loan
Dr 50'1.960.207 Dr. !{56,010,438

6 LIPD Indusuies Ltd. Common Directorshrp Adr,ance Dr I 85,500 t)r I 85.500

7 GPFI Ship Builders Ltd. Comnrorr I)irectorship Advance Dr I ,830,31'+ Dr. 1,885..]75

I ECO Ceramics lnclustries l,td. Common Diretlorship Advance Dr i)9.148.600 Dr 68.771 ^40{i

g CPI{ ,4.gro Indirstries Ltd. Common Dirrectorship ,.\dvance Dr. i 42.501

IO GPH Orl,gen Limited Common L)irrectorsliip ,{dvanc:e Dr 1.757.t145

39.00 Key mfinagement pelsonnel compersation

hr accordance with para 17 ofIAS 24 related party disclosure: driring the 1,ear the amounl ofcontpellsiltion paid to key nlaragelneflt persouuel
iucludittg Board of Directors is as ibllorvs:
Short term effrployee benefits 57, I 84
I 5^+,1 I 50,01 I ,?40
Post Employment Benefirs 9,282.687 8.699.647
Otlrer Iong Term benefir
Termination Denefit
Share-[rase<i Pa-vment
163,139,f^ I58,7r 1,387

{0.00 Directors' Remuneralion

Details of directors' rerllulleralion during the period are as follorvs:

S{r. Mohammed Ja}iangir Alam &fanaging Director .1.4 t0.000 ,1.200,0t)U

fvlr. Mohanrmed Alnras Shinrul Dit ector 7.8 7-5.000 7.500.000
l\4r. N{ohammatl A shrafuzzanran Director 1.898.000 -1.415.000
lvlr i\,li{ Abdul Ahad Director '1,599,000 2.7riil.iluil
I 9,782,000 17,895,000

41.00 Attendance stntus of Directors in Iloard Sleetings

the encled .i0 .Iune 05 boartl ucre held. 'fhe oi

It'lr. Md. Alarngir Kahir Chairrnan 5 4

Mr. l\4ohamrnetl Jahangir Alant lvfanaging Director 5 5
l\,{r. Mohammed Alinas Shrmul Direcfor 5 4
lvlr. N{ohammad Ashraluzzaman Director 5 5
\lr \4rl Ahrlul Aliarl Director 5 5
I\,1r. Md. Azizul Haque Director ,5 5
Nl'- M. A. Malek Independenl Director 5 2
h4r lr,{ukhtar Ahmed Inclependent Dir-ector 5 -5

fulr. Sa{iul Alam Khan Cho*dhr.rrv lndepenclent Direertor 5 I

Page 45 of Page 52
 __li---ilJ**2ox]
l-- - --
]ote(s)
| ll r*r, I

42.00 Corttingent liabilities

Bank guarantee {2.01 771 7Ji 701 616,6t I .277
L/Ll liabilities 42.02 5,609.992.468 7.ffi1,638.069
Bangladesh Polr,er Del elopment Board 42.03 l4 141 7',?1 14,104,ji5
6.395.879,942 7,634,653,68I

42.01 Bank guarantee

AB Bank Limited 11 L ll lOi 44,7 29 ,1 5L)

Eastern Bank Limrted 830, I 84 736.874

Mercantile Bank Limited I 97.388.1 07 6,759, I I 4
Midland Bank Limited 7,900,900 56.8.{ t.438
State Bank of India 1,688.500 t 9.639,700
Southeast Bank Limited iJ 7q5 1?S
Lluitsrl Conrnrercial Bank I.inrited 487.904.392 487.904.392
711J45,703 6l().611,211

42.0? L/C liabilities

AB Bank Limited 39,.1.1;1,5 t 6 I 28.201.961
Agrani Bank Limited 12.472,t 5 |

Al-Arafah lslami Bank Limited I 2"1.582.00t) r 8.886.000

Bank Asia Limited 85,799.640 47,363,63 I
BRAC Bank Limited 856,827.2 I5 I,t30.6t0.72.+
Dutch Bangla Bank Limitecl -588.866,9t 2 207,1 08,5 I 8
Eastern Bank Limited 56.606.56 r
q) qR5 75n
Islami Bank Banglailesh Linritecl 28.402,600
.lamuna Bank Limited 2.527.084 166.386.28 t
Ntlercantile Bank Lirnitecl )tl <i? )7i 1 0 1.1 40.565
Midland Bank Limitc:d 8,44 r.439 L)9.790.934

Modlrumoti Barrk Ltd 1.591,000 20,565,734

Mutual Trust Ilank Limited 624.20 r.35,1 1.025,898.5.16
NLIC- Bank Linrited 452,685,045 1,893,6-55,2 r 3
NRB Bank I-irnited 1,342.657
One Bank Lirrited 23,837,076
Premier Bank Limited 21.767 .A0A
Pubali Bank Limited 142,579,60r) I 52,951 ,812
SBAC Bank l-imited I 19.486.3 l5 41.140,1tt6
The Cit1, Bank L-irnitecl 38,31 1,337
Sonali Bank i-imited 58.016.246
Southeast Bank Lirnitecl 7 r.033,000 I 48.730,766
Standard Bank Limited 87.573. I2 I 1.026.990
Standanl Charterecl Bank 123,588.833 I 8,944.0r16

Trust Bank Linrited t.32"t.972.846 5,664.839

Unitecl Clomnrsrcial Bank l,inrited 379.37S,31-5 t,61 0,i89,704

___!.!e.22zdg!_ 7,003,638,069

12"0J A Claim 1br'laka 14.141.771 liom Bangladesh Polvcr Der.eloplni.:nt Boartl against Surerhargcr fbr the month Maroh 2021

47.04 Cnpital expenditure commitnrent

There is no capital expenditnre commitment as at J0 June 2023.

43.00 Eveuts after reportiug date

43.01 Proposed Dividend:

The Board of Drreotors at the meeting held on 28 October ?013 has recommencled 5.009,i slock dir,idend and 5.[iL]9i, cash dividend lor the
year ended 30 June 2023 (2022: 5.,500,'ii stock dividend and 5.509t cash) rvhich is subject to apploval by the shareholders in the Annual Ceneral
]\,{eer:ing.

Page 46 of Page 52
44.00 Credit facility not a'r,ailed
There was no crerlit faciliry'available to thrr compan),under an1,(rontrrrct, but rrot availetl as on 30 June 2023 other than tra.le credit available in
the ordrnarl course ol-business.

4s.00 Finanrial risk management

recognized and nnrecognized fir.rancial instruments, their significancr: and performance, accounling policies, terms and conditions, net lhir
values and risk rnfbrmation- the Company's policics lor controlling risks and o\posures.

Tlte inanagenlenl has overall responsibilitl,lbr the establishlrerrt and oversight ofthe compan-v's risk manageinent framelvork. The companlrs
risk management policies are established to iclentill,and analvse the risks flact-d b].. the cornpan), to sot appropriate risk limits anci controis, and
to monitor risks ancJ adherence to ltrnits. Risk rnanagemerrt polit:ies. procechires and systems arr: revieu'ecl regr:larll' to rellect changes in

to the fbllo$,ing risks i-onr its use of tlnancial instrulnents.

Nots(s)
a) Credit risk 4-5.0I
L' LiqLriditl risk 45.01
c) N{arket risk 45.03

45.01 Credit tisk

0bligations, and arises principall,v lrom the compan;-'s receir,ahles lrom distributors, instiluttonal and export custonlers etc.

Management has a creclit policl.in placr. antl the c\posure to credit risk is rnonitoreel on an ongoing basis.

In pronttoring credit rrsk, debtors are grouped aocording to their risk profile, i.e. their legal status, finanoal oondition, ageing profile ett:.

ALrcornts rer:eivable are relatetl to sale of steels (M.S. Billet, M.S. Rod antl allierl products).

a) Iixposurc to cl'edit risk

The carying amount of financial assets rcplcsents fhe maxilrum crerlit exposure. Tlte marilnLrm exposttrs lo credit risk at tlle leporling dats
\\AS:

Amount in Ta[<a Anrou}t in Tak

Not(s)
il 30.Iune 2023 30 June 2022
Tracle irnd other rr:ccivables 12.00 6.824.96.+.47t} ,5.466,050_:,5ri
Advancc and rleposits r0.01&10.02 8.649.891.f6i 6.1 75.765.2 1 l

Investlnent in IrDRs 9.00 1.40_1.-i54.,5-5 I 2.214.0{,j.98 l

Invcstment in Lln-quoterl equitl, 8.00 64,_500.000 64.500.000
lnvostmenl in tluoted shares 8.00 I 04.797..q86 I 07,498.290

Cash at hank t3.00 165.176.1-j5 44 I ,296.585

I 8,4I 2.984,405 I 4.479. I 76,323

b) Agring of receivables
I)Lres *ithin 6 mtuths 12.01 (i.l I 8.e49.906 4.91 1.714.497
t)Lres or.er 6 nronths 12.0I 99.6 I 2.50i 98.325.11 I
6,318,562.409 5,010,039,818

PaBe 47 of Page 52
45.02 Liquiditr,risk

Typically, the compan-v ensures that it has sufl"rcient cash and cash !:quivalents to meet eNpected operational expenses, including financial
obhgations through preparation ofthe cash llow lbrecast. based on tjmir line ofpa-vment olfinancial obiigations anci aocordingly arrange lor
stt{ficient liqurdrtl,/lund to lnake the expecte:d pa.vments rvit}rin due tlales. N{oreover, thr: rrompan),seeks to maintain short term }rnes ofcredit
rvith sclretlulerl commercial banks to ensurc paymenl of obligation in the event that therc is insufhcient cash to make the retlurred palment.
'fhe requirement is .letennined in advance through cash llos,prrojectious
anLl cretiit lines nith banks ar"- negotiafed accordingly.

The tirllou,ing are the contractual uraturities oftlnancial liabilitres;

,\Ytiliin *2 *ionlhb ,: ;;";;=,()1:41 r;:,:,,:,::11,1i1

:::,:,,: &r lcss:,: ', :,,:r:

12 months
i::., -l*ti:::r: :" 'l'aka
Definr:cl Benefit Obliration - Gratilit\ 86.:86.20s N/A 86 286.208 85 186 108
Lttnp tr:m loans 5.,589,i, - 10.5096 l.t I 6.8i1.848 21.044.892,873 :4,:6 I .7t5.71 l
Short tt:rnr loans 30.010.116.7-17 8.0096 - 9.0096 10.0i0.i 6.7i7 1 ,t,UtU lto /r/
Finance Iease oblipatrons 1.18.440.914 9 00?i; - 12.00?,6 50.001 .246 88.4iS.678 1 3 8.440.914

Cretlitors anrl accnrals 1.105.904.651 NIA :,t05.904.652 :.20-5.90+,651

Totll 56.772,674.747 34.s03.0ss.483 27.719.618.759 56,727,674,242

45.03 llarketRisk
lvlarket risk is the nsk that changes in rnarket prices such as ibrergn exclrange rat.-s, ruill affect th,- cornptn.v's income or ther valne of its
holdings offinancial instrrrments. The objective ofnrarket risk man:reement is to nranlrge and control nrarket rrsk exposures rvithin acceptabk'
parameters- u,hile oprtirntzing the refu11].

a) Currency risk
The companf is exposed to currency risk on certain revenues and purchases such as melting scrap, chelnical and acquisitioll ofequipment
Majority ofthe company's foreign currency transactions are denomlnated in USD.

(i) Exposure 10 curcnc),risk

i\s at .10 June 2023
Foreign orrrency {leuominated assets
L-ash and cash equivalents I 13.34 552.02 7 5.62 8
113.3{ 552.02 75.628

Foreign currerrcy denomhrate{l Iirtrilities

ECA Backed Finance 71 .104.764 7.749.92{r.4 84
Long Term Financing Facilitl, 1Q .iRi) 7<) 4.318.853.018
Liatriliti' tbr Accepted Bills tbr l,ayment (ABP) 93.533.428 I0.180.178.3i5
20.1,{18,94{ 22,2{8,}57,817
1\-et e-rposure I 13,34 (204,418.392) __e34!,q!2J_q2)
As at 30 June 2022
Liouitlitv risk is the risk that fhe ',,:{

Foreign currencl- denominated assets

Cash and cash etluivalents tl-r r+ 552.02 6: -Sq()
I 13.34 ss2.02 -----------62=10-
!'orcign currcncy denominated liabilities
ECr\ Backed Finance Il1n71 11r1 7.761^099"3 54
Long 'l crnr Finrrncing Facility 44.t70.415 4 Ia7 ?)i lqtl
Liabilit,v tor Accepted Bills fbr Paylent (ABI']) I 14,18$.181 10.670.885.-540
2d1,430.820 22,561,710.184
Net exposure 113.34 {2d1,430,26!) __e?l!${l:g
The compan-v has translatBd all of its nronetary items in foreign curreno), Llt the end of its accounting period by using two dillerent rates since
the bank otfering trvo dilferent rates lor settling its assets anrl Iiabilities in foreign currency.

The following significant exclrange rate is applied during fhe year:

l- 30 J,"" ,ortll- Jo I
J*" rox
I r nr." ll rnr.n I

Exchange rafe of US Dollar r08 84 si 45

Exchange rafe of GBP t)/ lo lli.it

Page 48 of Page 52
(ii) Foreign erch?rnge rate sensitil,ity anal)'sis for foreign currenc), 0rpenditures

assumes that ali othervariables, in particular interest rates, remain constant and ignores any ilnpact olfbrecasted sales and purchases.

Strengthelhrg
Taka Taka Taka 'faka
LJSD (296 movernent) (444,977,955) (444,977-955) (451,214,204) 4-s1,234,204
GBP (2?/o nrovement) ll1 (11 1) 257 e57 l

(b) Trausactio* risk

Transaction risk is the risk that the Company rvill incurs exchange losses rvhen the accounting results are translated into the home currency.

(r) Etonomic risk

Economicriskreferstotheeflectofexcharlge ratemovementsontheinternalionalcompetitivenessofthecompanl,.

(tl) Interest rate risk

Interest rate risk is the risk that arises due to changes in interest rates on boffowings. Short term bank borrorvings are, however, not
significantly allected by fluctuations in interest ratgs. The crornpany has not entsred into any Rpe ofderivatiye instrument in order to hr":dge

interest ratB risk as at the reporting date.

Exposure to ilterest rate rish

30 June 2023
T*kr
Fixetl- rate instrurrreuts
Eired rate instrument
Financial assets I 8.,} i1.984,40-s I 4,479. I 76.it-l
Financial liabilities ,54,.}10,-181,3 8: J7 957 a.i5 -1Sq

7],U],4qt,187 62,136,47,L,782
\ralilhle- r:rte instr0ments
Financial assets Nit Nil
Frnancial liabilities Nii Nil

Clash florv sensitility arr:rlysis for v*ri:rble rate instrurnents

Thete being no variable rate instrunlents. sensitivitv anal\rsis has not presented.

Page 49 of Page 52
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